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Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Summary of Components of Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense for the years ended December 31, 2018, 2017 and 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

(Amounts in thousands)

2018

 

 

2017

 

 

2016

 

LTIP units

$

9,059

 

 

$

6,572

 

 

$

5,617

 

Performance-based units

 

7,645

 

 

 

6,421

 

 

 

3,680

 

Restricted stock

 

988

 

 

 

715

 

 

 

391

 

Stock options

 

1,954

 

 

 

2,214

 

 

 

1,590

 

Total stock-based compensation expense

$

19,646

 

 

$

15,922

 

 

$

11,278

 
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 and 2016.

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

2017

 

 

2016

 

Expected volatility

29.0%

 

 

29.0%

 

Expected life

5.9 years

 

 

5.9 years

 

Risk free interest rate

2.2%

 

 

1.5%

 

Expected dividend yield

2.3%

 

 

2.3%

 

 
Performance Programs [Member]  
Summary of LTIP Unit and Restricted Stock Activity The following table summarizes our LTIP unit activity granted under the Performance Programs for the year ended December 31, 2018.

 

 

Units

 

 

Weighted-Average

Grant-Date Fair 

Value (per unit)

 

Unvested as of December 31, 2017

 

3,253,991

 

 

$

8.72

 

Granted

 

1,382,807

 

 

 

5.07

 

Cancelled or expired

 

(1,263,228

)

 

 

8.59

 

Unvested as of December 31, 2018

 

3,373,570

 

 

$

7.27

 

 
Restricted Stock [Member]  
Summary of LTIP Unit and Restricted Stock Activity The table below summarizes our restricted stock activity for the year ended December 31, 2018.

 

 

Shares

 

 

Weighted-Average

Grant-Date Fair 

Value (per share)

 

Unvested as of December 31, 2017

 

129,005

 

 

$

16.33

 

Granted

 

93,961

 

 

 

14.21

 

Vested

 

(42,325

)

 

 

16.18

 

Cancelled or expired

 

(17,660

)

 

 

15.24

 

Unvested as of December 31, 2018

 

162,981

 

 

$

15.26

 

 
Employee Stock Option [Member]  
Summary of Stock Option Activity The following table summarizes our stock option activity for year ended December 31, 2018.

 

 

 

Shares

 

 

Weighted-Average

Exercise Price

 

 

Weighted-Average

Remaining

Contractual Term (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of December 31, 2017

 

 

2,448,743

 

 

$

17.20

 

 

 

 

 

 

 

 

 

Granted

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Cancelled or expired

 

 

(316,800

)

 

 

18.00

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2018

 

 

2,131,943

 

 

$

17.08

 

 

 

6.7

 

 

$

-

 

Options vested and expected to vest as of December 31, 2018

 

 

2,083,994

 

 

$

17.14

 

 

 

6.5

 

 

$

-

 

Options exercisable as of December 31, 2018

 

 

1,496,664

 

 

$

17.20

 

 

 

6.2

 

 

$

-

 

 
LTIP Units [Member]  
Summary of LTIP Unit and Restricted Stock Activity The following table summarizes our LTIP unit activity for the year ended December 31, 2018.

 

 

Units

 

 

Weighted-Average

Grant-Date Fair

 Value (per unit)

 

Unvested as of December 31, 2017

 

1,090,764

 

 

$

15.70

 

Granted

 

754,069

 

 

 

13.45

 

Vested

 

(516,318

)

 

 

15.66

 

Cancelled or expired

 

(44,432

)

 

 

15.40

 

Unvested as of December 31, 2018

 

1,284,083

 

 

$

14.41