Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 and changes during the six month period then ended follow:

	Common Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2017	173,276		$	19.36
Granted	206,446		14.87
Vested	(140,432	)	19.63
Non-vested at June 30, 2018	239,290		$	15.33

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 $19.28 per unit for the March 2018 grant using the following assumptions: 

Volatility	21.7		%
Dividend assumption	reinvested
Expected term in years	2.8 years
Risk-free rate	2.40		%
Share price (per share)	$	14.78

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 six months ended June 30, 2018: 

	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, 2017	354,123			$	26.30	51,220		$	19.04
Granted	254,282			16.58		50,745		14.78
Vested	(75,250	)	(1)	21.16		(34,807	)	18.67
Non-vested at June 30, 2018	533,155			$	22.66	67,158		$	16.01

(1) Restricted units vested by Company executives in 2018 resulted in the issuance of 126,108 common shares, less 56,502 common shares withheld to cover minimum withholding tax obligations, for multiple employees.