Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [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, 2019 and changes during the six month period then ended follow:

	Common Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2018	225,139		$	15.29
Granted	194,413		17.80
Vested	(198,296	)	15.07
Forfeited	(323	)	15.48
Non-vested at June 30, 2019	220,933		$	17.69

Schedule of weighted average grant date fair value assumptions

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $29.60 and $35.70 per unit for the March 2019 grant market conditions using the following assumptions:

 

Volatility	21.8		%
Dividend assumption	reinvested
Expected term in years	2.83 years
Risk-free rate	2.53		%
Share price (per share)	$	17.89

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, 2019: 

	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, 2018	533,155			$	22.66	67,158		$	16.01
Granted	229,884			25.27		41,925		17.89
Vested	(104,553	)	(1)	26.33		(41,786	)	16.75
Non-vested at June 30, 2019	658,486			$	22.99	67,297		$	16.72

(1) Restricted units vested by Company executives in 2019 resulted in the issuance of 87,805 common shares, less 35,265 common shares withheld to cover minimum withholding tax obligations, for multiple employees.