Share-Based Compensation

9 Months Ended

Sep. 30, 2017

Share Based Compensation [Abstract]

Share-Based Compensation

Note 9. Share-Based Compensation

The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2017 and 2016, respectively:

	Three months ended September 30,						Nine months ended September 30,
	2017			2016			2017			2016
Expense relating to share grants	$	936,000		$	859,000		$	2,880,000		$	2,312,000		(a)
Amounts capitalized		(76,000	)		(54,000	)		(187,000	)		(167,000	)
Total charged to operations	$	860,000		$	805,000		$	2,693,000		$	2,145,000

(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 may not grant any 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 is 4.0 million shares, which may be subject to adjustment under certain circumstances as described more fully in the 2017 Plan. At September 30, 2017, approximately 4.0 million shares remained available for grants under the 2017 Plan.

During the nine months ended September 30, 2017, there were 305,000 restricted shares issued, with a weighted average grant date fair value of $6.20 per share.