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Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019, 2018 and 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

(Amounts in thousands)

2019

 

 

2018

 

 

2017

 

LTIP units

$

11,860

 

 

$

9,059

 

 

$

6,572

 

Performance-based units

 

8,477

 

 

 

7,645

 

 

 

6,421

 

Restricted stock

 

1,228

 

 

 

988

 

 

 

715

 

Stock options

 

1,295

 

 

 

1,954

 

 

 

2,214

 

Total stock-based compensation expense

$

22,860

 

 

$

19,646

 

 

$

15,922

 
Summary of Weighted-average assumptions for grants using Option-pricing model The fair value of the option was estimated using an option-pricing model with the following weighted-average assumptions for grants in year ended December 31, 2017.

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

2017

 

Expected volatility

 

29.0%

 

Expected life

 

5.9 years

 

Risk free interest rate

 

2.2%

 

Expected dividend yield

 

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, 2019.

 

 

Units

 

 

Weighted-Average

Grant-Date Fair Value (per unit)

 

Unvested as of December 31, 2018

 

3,373,570

 

 

$

7.27

 

Granted

 

1,356,630

 

 

 

5.98

 

Cancelled or expired

 

(1,134,366

)

 

 

8.05

 

Unvested as of December 31, 2019

 

3,595,834

 

 

$

6.54

 

 
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, 2019.

 

 

Shares

 

 

Weighted-Average

Grant-Date Fair Value

 

Unvested as of December 31, 2018

 

162,981

 

 

$

15.26

 

Granted

 

93,308

 

 

 

13.27

 

Vested

 

(63,821

)

 

 

15.27

 

Cancelled or expired

 

(23,998

)

 

 

14.44

 

Unvested as of December 31, 2019

 

168,470

 

 

$

14.27

 

 
Employee Stock Option [Member]  
Summary of Stock Option Activity The following table summarizes our stock option activity for year ended December 31, 2019.

 

 

 

Shares

 

 

Weighted-Average

Exercise Price

 

 

Weighted-Average

Remaining

Contractual Term (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of December 31, 2018

 

 

2,131,943

 

 

$

17.08

 

 

 

 

 

 

 

 

 

Granted

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Cancelled or expired

 

 

(47,000

)

 

 

17.50

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2019

 

 

2,084,943

 

 

$

17.07

 

 

 

5.7

 

 

$

-

 

Options vested and expected to vest as of December 31, 2019

 

 

2,073,791

 

 

$

17.07

 

 

 

5.7

 

 

$

-

 

Options exercisable as of December 31, 2019

 

 

1,939,398

 

 

$

17.07

 

 

 

5.6

 

 

$

-

 

 
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, 2019.

 

 

Units

 

 

Weighted-Average

Grant-Date Fair Value

 

Unvested as of December 31, 2018

 

1,284,083

 

 

$

14.41

 

Granted

 

1,067,854

 

 

 

12.26

 

Vested

 

(752,645

)

 

 

13.73

 

Cancelled or expired

 

(27,828

)

 

 

13.13

 

Unvested as of December 31, 2019

 

1,571,464

 

 

$

13.30