Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Weighted-average assumptions for grants using Option-pricing model

The fair value of the option is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants for the year ended December 31, 2015 and for the period from November 24, 2014 to December 31, 2014.

	December 31, 2015		December 31, 2014
Expected volatility		27.0%		23.0%
Expected life	6.5 years		6.5 years
Risk free interest rate		1.8%		2.1%
Expected dividend yield		2.0%		2.3%

LTIP Units

Summary of LTIP Unit and Restricted Stock Activity

Below is a summary of LTIP unit activity under the Plan for the year ended December 31, 2015

	Units			Weighted-Average Grant-DateFair Value
Unvested at December 31, 2014		885,713		$	16.60
Granted		116,095			17.93
Vested		(286,849	)		16.54
Cancelled or expired		-			-
Unvested at December 31, 2015		714,959		$	16.84

Employee Stock Option

Summary of Stock Option Activity

Below is a summary of our stock option activity for year ended December 31, 2015.

	Shares			Weighted-Average ExercisePrice		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2014		1,489,500		$	17.50
Granted		200,000			19.08
Exercised		(200	)		17.50
Cancelled or expired		(64,850	)		17.50
Outstanding at December 31, 2015		1,624,450		$	17.69		8.9	$	854,670
Options vested and expected to vest at    December 31, 2015		1,524,250		$	17.69		8.9	$	803,000
Options exercisable at December 31, 2015		368,250		$	17.50		8.9	$	221,000

Restricted Stock

Summary of LTIP Unit and Restricted Stock Activity

Below is a summary of restricted stock activity under the Plan for the year ended December 31, 2015.

	Units			Weighted-Average Grant-DateFair Value
Unvested at December 31, 2014		5,714		$	17.50
Granted		5,219			19.16
Vested		(5,714	)		17.50
Cancelled or expired		-			-
Unvested at December 31, 2015		5,219		$	19.16