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Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Components of Stock-Based Compensation Expense

Below are the components of stock-based compensation expense for the years ended December 31, 2017, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

(Amounts in thousands)

2017

 

 

2016

 

 

2015

 

Stock options

$

2,214

 

 

$

1,590

 

 

$

1,241

 

LTIP units

 

6,572

 

 

 

5,617

 

 

 

4,507

 

Restricted stock

 

715

 

 

 

391

 

 

 

142

 

Performance programs

 

6,421

 

 

 

3,680

 

 

 

1,110

 

Total stock-based compensation expense

$

15,922

 

 

$

11,278

 

 

$

7,000

 

 
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, 2017, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

2017

 

 

2016

 

 

2015

 

Expected volatility

29.0%

 

 

29.0%

 

 

27.0%

 

Expected life

5.9 years

 

 

5.9 years

 

 

6.5 years

 

Risk free interest rate

2.2%

 

 

1.5%

 

 

1.8%

 

Expected dividend yield

2.3%

 

 

2.3%

 

 

2.0%

 

 
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, 2017.

 

 

Units

 

 

Weighted-Average

Grant-Date Fair Value

 

Unvested as of December 31, 2016

 

1,092,855

 

 

$

15.68

 

Granted

 

473,724

 

 

 

15.76

 

Vested

 

(469,918

)

 

 

15.71

 

Cancelled or expired

 

(5,897

)

 

 

15.10

 

Unvested as of December 31, 2017

 

1,090,764

 

 

$

15.70

 

 
Employee Stock Option  
Summary of Stock Option Activity

Below is a summary of our stock option activity for year ended December 31, 2017.

 

 

Shares

 

 

Weighted-Average

Exercise Price

 

 

Weighted-Average

Remaining

Contractual Term (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of December 31, 2016

 

 

1,844,121

 

 

$

17.34

 

 

 

 

 

 

 

 

 

Granted

 

 

627,722

 

 

 

16.81

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Cancelled or expired

 

 

(23,100

)

 

 

17.50

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2017

 

 

2,448,743

 

 

$

17.20

 

 

 

7.6

 

 

$

217,464

 

Options vested and expected to vest as of December 31, 2017

 

 

2,363,524

 

 

$

17.20

 

 

 

7.6

 

 

$

208,330

 

Options exercisable as of December 31, 2017

 

 

1,185,738

 

 

$

17.48

 

 

 

7.0

 

 

$

86,985

 

 
Restricted Stock  
Summary of LTIP Unit and Restricted Stock Activity

Below is a summary of restricted stock activity for the year ended December 31, 2017.

 

Shares

 

 

Weighted-Average

Grant-Date Fair Value

 

Unvested as of December 31, 2016

 

94,823

 

 

$

15.90

 

Granted

 

78,417

 

 

 

16.70

 

Vested

 

(27,971

)

 

 

15.88

 

Cancelled or expired

 

(16,264

)

 

 

16.36

 

Unvested as of December 31, 2017

 

129,005

 

 

$

16.33