Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of non-vested restricted common shares

A summary of the status of the Trust’s non-vested restricted common shares as of September 30, 2017 and changes during the nine month period then ended follow:

	Common Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2016	296,785		$	16.16
Granted	143,593		19.74
Vested	(254,395	)	16.04
Forfeited	(550	)	18.78
Non-vested at September 30, 2017	185,433		$	19.08

Schedule of weighted average grant date fair value assumptions

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $33.43 per unit for the March 2017 grant using the following assumptions: 

Volatility	21.5		%
Dividend assumption	reinvested
Expected term in years	2.8
Risk-free rate	1.68		%
Share price (per share)	$	19.80

Summary of the activity in the restricted share units

The following is a summary of the activity in the Trust’s restricted share units during the nine months ended September 30, 2017: 

	Executive Awards					Trustee Awards
	Restricted Share Units			Weighted Average Grant Date Fair Value		Restricted Share Units		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2016	235,483			$	21.84	57,260		$	17.03
Granted	174,320			29.34		32,831		19.80
Vested	(55,680	)	(1)	16.94		(38,871	)	16.72
Non-vested at September 30, 2017	354,123			$	26.30	51,220		$	19.04

(1) Restricted units vested by Company executives in 2017 resulted in the issuance of 105,792 common shares, less 50,112 common shares withheld to cover minimum withholding tax obligations, for multiple employees.