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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of activity in restricted stock and RSUs

The following table summarizes the activity in restricted stock, RSUs, and PIUs for the years ended December 31, 2017, 2018 and 2019:


		Weighted -
	Number of	Average Grant-		Compensation
	Shares/Omega	Date Fair Value		Cost ⁽¹⁾
	OP Units	per Share		(in millions)
Non-vested at December 31, 2016	336,053	$	37.32
Granted during 2017	185,004		31.25	$	5.8
Cancelled during 2017	(1,000)		34.78
Vested during 2017	(182,548)		39.58
Non-vested at December 31, 2017	337,509		32.78
Granted during 2018	217,717		28.19	$	6.1
Cancelled during 2018	(5,941)		30.82
Vested during 2018	(190,412)		33.89
Non-vested at December 31, 2018	358,873		29.44
Granted during 2019	160,158		35.20	$	5.6
Cancelled during 2019	(32,376)		30.38
Vested during 2019	(188,063)		31.01
Non-vested at December 31, 2019	298,592	$	31.44

(1)	Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant.

Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model





	January 1,						January 1,						January 1,
	2017						2018						2019
Closing price on date of grant	$	31.26					$	27.54					$	35.15
Dividend yield		7.81	%					9.44	%					7.51	%
Risk free interest rate at time of grant		0.66	%	to	1.58	%		1.60	%	to	2.05	%		2.45	%	to	2.51	%
Expected volatility		22.82	%	to	25.26	%		21.03	%	to	23.24	%		21.78	%	to	22.76	%

Schedule of activity in PRSUs and PIUs

The following table summarizes the activity in PRSUs and PIUs for the years ended December 31, 2017, 2018 and 2019:


		Weighted-
		Average Grant-		Compensation
	Number of	Date Fair Value		Cost ⁽¹⁾
	Shares	per Share		(in millions)
Non-vested at December 31, 2016	1,073,998	$	16.08
Granted during 2017	685,064		14.87	$	10.20
Cancelled during 2017	(5,361)		15.98
Forfeited during 2017	(392,921)		18.33
Vested during 2017	—		—
Non-vested at December 31, 2017	1,360,780		14.82
Granted during 2018	1,012,032		10.40	$	10.50
Cancelled during 2017	—		—
Forfeited during 2018	(203,380)		11.82
Vested during 2018	—		—
Non-vested at December 31, 2018	2,169,432		13.04
Granted during 2019	822,584		14.80	$	12.22
Cancelled during 2019	(125,885)		14.57
Forfeited during 2019	—		—
Vested during 2019 ⁽²⁾	(465,044)		15.89
Non-vested at December 31, 2019	2,401,087	$	13.01

(1)	Total compensation cost to be recognized on the awards was based on the grant date fair value.

(2)	PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures.

Schedule of Unrecognized Compensation Awards

The following table summarizes our total unrecognized compensation cost as of December 31, 2019 associated with restricted stock awards, RSU awards, PRSU awards, and PIU awards to employees:


							Weighted
							Average
			Grant Date		Total		Period of	Unrecognized
			Average		Compensation		Expense	Compensation
	Grant		Fair Value		Cost (in		Recognition	Cost (in		Performance	Vesting
RSUs and PIUs	Year	Shares/ Units	Per Unit/Share		millions) ⁽¹⁾		(in months)	millions)		Period	Dates

1/1/2018 RSUs	2018	154,732	$	27.54	$	4.30	36	$	1.30	N/A	12/31/2020
1/1/2019 RSUs	2019	27,464		35.15		1.00	36		0.60	N/A	12/31/2021
1/1/2019 PIUs	2019	91,992		34.89		3.20	36		2.10	N/A	12/31/2021
RSUs and PIUs Total		274,188		30.77		8.50			4.00

TSR PRSUs and PIUs

1/1/2017 - 2019 PRSUs	2017	386,220		12.61		4.90	48		1.20	1/1/2017 - 12/31/2019	Quarterly in 2020
1/1/2018 - 2020 PRSUs	2018	658,042		7.31		4.80	48		2.40	1/1/2018 - 12/31/2020	Quarterly in 2021
1/1/2019 - 2021 PRSUs	2019	100,882		11.53		1.20	48		0.90	1/1/2019 - 12/31/2021	Quarterly in 2022
1/1/2019 - 2021 PIUs	2019	377,766		12.03		4.50	48		3.40	1/1/2019 - 12/31/2021	Quarterly in 2022
TSR PRSUs & PIUs Total		1,522,910		10.11		15.40			7.90

Relative TSR PRSUs and PIUs

1/1/2017 - 2019 Relative PRSUs	2017	271,832		18.02		4.90	48		1.20	1/1/2017 - 12/31/2019	Quarterly in 2020
1/1/2018 - 2020 Relative PRSUs	2018	315,100		16.64		5.20	48		2.60	1/1/2018 - 12/31/2020	Quarterly in 2021
1/1/2019 - 2021 Relative PRSUs	2019	60,158		19.33		1.20	48		0.90	1/1/2019 - 12/31/2021	Quarterly in 2022
1/1/2019 - 2021 Relative PIUs	2019	231,087		19.67		4.50	48		3.40	1/1/2019 - 12/31/2021	Quarterly in 2022
Relative TSR PRSUs and PIUs Total		878,177		18.05		15.80			8.10
Grand Total		2,675,275	$	14.83	$	39.70		$	20.00

(1)	Total shares/units and compensation costs are net of shares/units cancelled.

(2)	This table excludes approximately $1.1 million of unrecognized compensation costs related to our directors.