Share-Based Compensation

3 Months Ended

Mar. 31, 2017

Note 9. Share-Based Compensation

The following tables set forth certain share-based compensation information for the three months ended March 31, 2017 and 2016, respectively:

	Three months ended March 31,
	2017			2016
Expense relating to share grants	$	979,000		$	567,000		(a)
Amounts capitalized		(46,000	)		(57,000	)
Total charged to operations	$	933,000		$	510,000

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

On May 2, 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 Plan”), which replaces the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). As of the effective date of the 2017 Plan, the Company will grant no further awards under the 2012 Plan. The 2017 Plan describes certain terms and conditions governing the grant of, among other things, restricted stock awards. The maximum number of shares initially reserved and available for issuance shall be 4.0 million shares, which may be subject to adjustment under certain circumstances as described more fully in the 2017 Plan.

During the three months ended March 31, 2017, there were 297,000 restricted shares issued under the 2012 Plan, with a weighted average grant date fair value of $6.23 per share.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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