Equity Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]

Schedule of Information about RSAs, RSUs and Class B and Class D Units

The following table presents information about the Company’s RSAs for the periods presented:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2020		2019		2020		2019
Compensation cost recognized in general and administrative expense	$	993	$	873	$	1,887	$	1,745
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings	55		109		166		264
Fair value of shares vested during the period	3,360		3,293		3,512		3,293

The following table presents information about the Company’s RSUs for the periods presented:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2020		2019		2020		2019
Compensation cost recognized in general and administrative expense	$	840	$	155	$	1,454	$	290
Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings	23		2		42		2
Fair value of units vested during the period	896		—		896		—

The following table presents information about the Class B and Class D units for the periods presented:

(in thousands)	Three months ended June 30, 2019		Six months ended June 30, 2019
Compensation cost recognized in general and administrative expense	$	219	$	438
Fair value of units vested during the period	128		718

Schedule of Unrecognized Compensation Cost

The following table presents information about the Company’s RSAs as of the dates presented:

(Dollars in thousands)	June 30, 2020		December 31, 2019
Total unrecognized compensation cost	$	3,197	$	5,026
Weighted average period over which compensation cost will be recognized (in years)	1.1		1.6

The following table presents information about the Company’s RSUs as of the dates presented:

(Dollars in thousands)	June 30, 2020		December 31, 2019
Total unrecognized compensation cost	$	5,001	$	1,584
Weighted average period over which compensation cost will be recognized (in years)	2.8		2.4

Schedule of Assumptions Used in Measurement of Grant Date Fair Value of Total Shareholder Return RSUs Using Monte Carlo Simulation Model

The grant date fair value of the TSR RSUs was measured using a Monte Carlo simulation model based on the following assumptions as of each grant date:

	January
	2020		2019
Volatility	20	%	18	%
Risk free rate	1.61	%	2.57	%

Schedule of Information about RSA and RSU Activity

The following table presents information about the Company’s RSA and RSU activity during the six months ended June 30, 2020 and 2019:

	Restricted Stock Awards			Restricted Stock Units
	Shares	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Unvested, January 1, 2019	691,290	$	13.68	—	$	—
Granted	46,368	14.12		100,814	22.80
Vested	(240,753)	13.68		—	—
Forfeited	—	—		—	—
Unvested, June 30, 2019	496,905	$	13.72	100,814	$	22.80
Unvested, January 1, 2020	492,701	$	13.72	100,814	$	22.80
Granted	3,658	15.68		182,681	28.32
Vested	(255,761)	13.73		(42,658)	21.00
Forfeited	—	—		(5,571)	—
Unvested, June 30, 2020	240,598	$	13.74	235,266	$	27.95

Schedule of Information about Class B and Class D Unit Activity

The following table presents information about the Class B and Class D unit activity during the six months ended June 30, 2019:

	Class B Units	Class D Units	Total
Unvested, January 1, 2019	5,230	1,800	7,030
Granted	—	—	—
Vested	(1,710)	(600)	(2,310)
Forfeited	—	—	—
Unvested, June 30, 2019	3,520	1,200	4,720