XML 19 R41.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The more significant assumptions underlying the determination of fair value for options granted were as follows:
 
 
2010 Options
 
2009 Options
 
2008 Options
Weighted-average fair value of options granted
 
$
1.94

 
$
2.19

 
$
1.24

Weighted-average risk-free interest rate
 
2.54
%
 
3.29
%
 
1.33
%
Weighted-average expected option lives (in years)
 
6.50

 
6.70

 
3.60

Weighted-average expected volatility
 
49.00
%
 
59.08
%
 
59.94
%
Weighted-average expected dividend yield
 
7.40
%
 
6.26
%
 
14.40
%
Schedule of Share-based Compensation, Stock Options, Activity
Share option activity during the years indicated is as follows:
 
 Number of
Shares
 
Weighted-Average
Exercise Price
Per Share
Balance at December 31, 2017
134,790

 
$
7.39

Exercised
(16,390
)
 
6.99

Balance at December 31, 2018
118,400

 
7.44

Exercised
(84,400
)
 
7.24

Balance at December 31, 2019
34,000

 
$
7.95
Schedule of Nonvested Share Activity
Non-vested share activity for the years ended December 31, 2019 and 2018, is as follows:
 
Number of
Shares
 
Weighted-Average Grant-Date Fair
Value Per Share
Balance at December 31, 2017
3,767,298

 
$
7.79

Granted
899,614

 
6.55

Vested
(618,383
)
 
9.70

Forfeited
(593,452
)
 
6.59

Balance at December 31, 2018
3,455,077

 
7.34

Granted
829,581

 
5.97

Vested
(151,447
)
 
5.06

Forfeited
(1,191,799
)
 
6.76

Balance at December 31, 2019
2,941,412

 
$
7.30
Schedule of Share-based Compensation, Activity
During 2019 and 2018, the Company granted common shares to certain employees and trustees as follows:
 
2019
 
2018
Performance Shares(1)
 
 
 
Shares issued:
 
 
 
Index
276,063
 
331,025
Peer
276,058
 
331,019
 
 
 
 
Grant date fair value per share:(2)
 
 
 
Index
$5.05
 
$5.81
Peer
$4.67
 
$5.37
 
 
 
 
Non-Vested Common Shares:(3)
 
 
 
Shares issued
277,460
 
237,570
Grant date fair value
$2,270
 
$2,190
(1)
The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2019, 713,044 of the 808,929 performance shares issued in 2016 vested. During 2018, 116,926 of the 642,029 performance shares issued in 2015 vested.
(2)
The fair value of grants was determined at the grant date using a Monte Carlo simulation model.
(3)
The shares vest ratably over a three-year service period