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Equity Based Award Plans (Tables)

12 Months Ended

Dec. 31, 2013

Options outstanding and exerciseable by plan

Options outstanding and exercisable at December 31, 2013, were as follows:



	Options	Options
	Outstanding	Exercisable
2011 Plan	125,000	41,667
2008 Plan	—	—
2001 Plan	366,270	351,270
Omnibus Plan	18,750	18,750
	510,020	411,687

Restricted share activity

The following table represents restricted share and DRSU activity for the year ended December 31, 2013:



		Weighted			Weighted
	Number of	Average			Average
	Restricted	Grant-Date		Number of	Grant-Date
	Shares	Fair Value		DRSUs	Fair Value

Nonvested at beginning of period	525,406	$	9.23	58,825	$	14.13
Granted	758,193	$	10.44	25,848	$	17.44
Vested	466,906	$	9.19	48,011	$	13.94
Forfeited	81,509	$	8.48	1,865	$	8.38
Nonvested at end of period	735,184	$	10.52	34,797	$	17.15

Assumption ranges used in Monte Carlo method

The following table represents the assumption ranges used in the Monte Carlo method during 2013:



Expected volatility - AERC		18.1% to 22.5%
Expected volatility - peer group		14.7% to 29.5%
Risk-free interest rate		0.1% to 0.5%
Expected life (performance period)		3 years

Stock option assumptions

The weighted average Black-Scholes assumptions and fair value for 2012 were as follows:



Expected volatility	33.9		%
Risk-free interest rate	1.3		%
Expected life of options	7 years
Dividend yield	4.7		%
Grant-date fair value	$	2.97

Stock option activity

The following table represents stock option activity for the year ended December 31, 2013:



				Weighted-
	Number of	Weighted-		Average
	Stock	Average		Remaining
	Options	Exercise Price		Contract Life
Outstanding at beginning of period	769,184	$	10.81
Exercised	259,164	$	9.53
Outstanding at end of period	510,020	$	11.47	3.6

Exercisable at end of period	411,687	$	10.73	2.6

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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