Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Restricted Stock Awards (“RSAs”)

Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, 2017:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017		—		$	—
Granted		535,994			26.49
Vested		(3,778	)		25.67
Forfeited		(3,118	)		26.22
Unvested at March 31, 2017		529,098		$	26.50

Schedule of Performance Stock Units ("PSUs")

The following table provides a summary of PSUs for the three months ended March 31, 2017:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017		—		$	—
Granted		385,142			31.95
Vested		—			—
Forfeited		(1,039	)		31.90
Unvested at March 31, 2017		384,103		$	31.95

Schedule of Weighted Average Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model

The weighted average grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions:

Expected volatility(1)	27.0% - 29.5%
Dividend yield(2)	—%
Risk-free rate(3)	1.2% - 1.5%
Expected term	2 - 3 years

⁽¹⁾ Due to limited trading history of our common stock, we used the historical and implied volatilities of our peer group in addition to our historical volatility over the performance period to estimate appropriate expected volatilities. The weighted average expected volatility was 28.4%.

⁽²⁾ Dividends are assumed to be reinvested in shares of common stock and dividends will not be paid unless shares vest. We utilized a dividend yield of zero percent.

⁽³⁾ Based on U.S. Separate Trading of Registered Interest and Principal Securities rates collected from Bloomberg.