Share-Based Compensation

12 Months Ended

Dec. 31, 2016

Share Based Compensation [Abstract]

Share-Based Compensation

Note 15. Share-Based Compensation

The following tables set forth certain share-based compensation information for 2016, 2015, and 2014, respectively:

	Years ended December 31,
	2016				2015			2014
Expense relating to share grants	$	3,141,000		(a)	$	3,261,000		$	3,761,000
Amounts capitalized		(211,000	)			(93,000	)		(230,000	)
Total charged to operations	$	2,930,000			$	3,168,000		$	3,531,000
					Weighted average
	Shares				grant date value
Unvested shares, December 31, 2015		3,429,000			$	5.03
Restricted share grants		491,000			$	6.87
Vested during period		(115,000	)		$	5.43
Forfeitures/cancellations		(167,000	)		$	5.54
Unvested shares, December 31, 2016		3,638,000			$	5.24

(a) Net of an expense reduction of $267,000 relating to a forfeiture of restricted shares in connection with an employment termination.

At December 31, 2016, 1.2 million shares remained available for grants pursuant to the 2012 Plan and, at that date, there remained an aggregate of $6.1 million applicable to all grants and awards to be expensed over a weighted average period of 2.4 years.

During 2016, there were 491,000 time-based restricted shares granted with a weighted average grant date fair value of $6.87 per share. During 2015, there were 180,000 time-based restricted shares issued, with a weighted average grant date fair value of $7.43 per share. During 2014, there were 133,000 time-based restricted shares granted, with a weighted average grant date fair value of $6.32 per share.

The total fair values of shares vested during 2016, 2015, and 2014 were $811,000, $2,869,000, and $934,000, respectively.

The Company’s President and Chief Executive Officer has received restricted share grants totaling 2.5 million shares as provided in his employment agreement, one-half of which is time-based, vesting upon the seventh anniversary of the date of grant (vesting on June 15, 2018), and the other half performance-based, to be earned if the total annual return on an investment in the Company’s common stock is at least an average of 6.5% per year for the seven years ending June 15, 2018. An independent appraisal determined the value of the performance-based award to be $4.39 per share compared to a market price at the date of grant of $4.98 per share. Consistent with such awards to other recipients, dividends have been paid on all the shares.