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Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Summary of Components of Stock-Based Compensations Expense

Below are the components of stock-based compensation expense for the years ended December 31, 2016 and 2015 and for the period from November 24, 2014 to December 31, 2014.

 

 

 

 

 

 

 

 

 

Period from

 

 

For the Year Ended December 31,

 

 

November 24, 2014

 

(Amounts in thousands)

2016

 

 

2015

 

 

to December 31, 2014

 

Stock options (1)

$

1,590

 

 

$

1,241

 

 

$

79

 

LTIP units (2)

 

5,617

 

 

 

4,507

 

 

 

296

 

Restricted stock

 

391

 

 

 

142

 

 

 

16

 

Performance programs

 

3,680

 

 

 

1,110

 

 

 

-

 

Total

$

11,278

 

 

$

7,000

 

 

$

391

 

 

 

 

(1)

The years ended December 31, 2016 and 2015 include $412 and $294 of expense, respectively, related to the acceleration of vesting of stock options in connection with certain separation agreements.

 

 

(2)

The years ended December 31, 2016 and 2015 include $1,443 and $1,567 of expense, respectively, related to the acceleration of vesting of LTIP units in connection with the aforementioned separation agreements.

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

The fair value of the option is estimated using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2016 and 2015 and in the period from November 24, 2014 to December 31, 2014.

 

 

 

 

 

 

 

 

 

Period from

 

 

For the Year Ended December 31,

 

 

November 24, 2014

 

 

2016

 

 

2015

 

 

to December 31, 2014

 

Expected volatility

 

29.0%

 

 

 

27.0%

 

 

 

23.0%

 

Expected life

5.9 years

 

 

6.5 years

 

 

6.5 years

 

Risk free interest rate

 

1.5%

 

 

 

1.8%

 

 

 

2.1%

 

Expected dividend yield

 

2.3%

 

 

 

2.0%

 

 

 

2.3%

 

 
LTIP Units  
Summary of LTIP Unit and Restricted Stock Activity

Below is a summary of our LTIP unit activity for the year ended December 31, 2016.

 

 

 

 

 

 

 

 

 

 

Units

 

 

Weighted-Average

Grant-Date Fair Value

 

Unvested as of December 31, 2015

 

714,959

 

 

$

16.84

 

Granted

 

673,237

 

 

 

15.01

 

Vested

 

(281,626

)

 

 

17.00

 

Cancelled or expired

 

(13,715

)

 

 

16.63

 

Unvested as of December 31, 2016

 

1,092,855

 

 

$

15.68

 

 
Employee Stock Option  
Summary of Stock Option Activity

Below is a summary of our stock option activity for year ended December 31, 2016.

 

 

Shares

 

 

Weighted-Average

Exercise Price

 

 

Weighted-Average

Remaining

Contractual Term (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of December 31, 2015

 

 

1,624,450

 

 

$

17.69

 

 

 

 

 

 

 

 

 

Granted

 

 

238,971

 

 

 

14.94

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Cancelled or expired

 

 

(19,300

)

 

 

17.50

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2016

 

 

1,844,121

 

 

$

17.34

 

 

 

8.1

 

 

$

250,920

 

Options vested and expected to vest as of December 31, 2016    

 

 

1,012,693

 

 

$

17.04

 

 

 

8.2

 

 

$

240,171

 

Options exercisable as of December 31, 2016

 

 

742,000

 

 

$

17.76

 

 

 

7.9

 

 

$

-

 

 
Restricted Stock  
Summary of LTIP Unit and Restricted Stock Activity

Below is a summary of restricted stock activity for the year ended December 31, 2016.

 

Shares

 

 

Weighted-Average

Grant-Date Fair Value

 

Unvested as of December 31, 2015

 

5,219

 

 

$

19.16

 

Granted

 

100,673

 

 

 

15.90

 

Vested

 

(5,219

)

 

 

19.16

 

Cancelled or expired

 

(5,850

)

 

 

15.90

 

Unvested as of December 31, 2016

 

94,823

 

 

$

15.90