Equity Based Award Plans (Tables)

6 Months Ended

Jun. 30, 2014

The following table represents restricted share and DRSU activity for the six months ended June 30, 2014:



		Weighted			Weighted
	Number of	Average			Average
	Restricted	Grant-Date		Number of	Grant-Date
	Shares	Fair Value		DRSUs	Fair Value
Nonvested at beginning of period	735,184	$	10.52	34,797	$	17.15
Granted	161,267	$	16.11	39,526	$	16.14
Vested	170,264	$	16.37	26,603	$	17.38
Forfeited	15,946	$	10.52	8,194	$	16.38
Nonvested at end of period	710,241	$	10.38	39,526	$	16.14

Assumptions used in Monte Carlo method

The following table represents the assumption ranges used in the Monte Carlo method for the multi-year restricted share awards:



	2014	2013
Expected volatility - AERC	22.3% to 24.2%	18.1% to 22.5%
Expected volatility - peer group	16.9% to 24.7%	14.7% to 29.5%
Risk-free interest rate	0.02% to 0.8%	0.08% to 0.5%
Expected life (performance period)	3 years	3 years

Stock Option Activity

The following table represents stock option activity for the six months ended June 30, 2014:



				Weighted-Average
	Number of	Weighted-Average		Remaining
	Stock Options	Exercise Price		Contract Life
Outstanding at beginning of period	510,020	$	11.47
Exercised	76,930	$	9.29
Forfeited	5,000	$	14.00
Outstanding at end of period	428,090	$	11.83	3.4

Exercisable at end of period	376,424	$	11.53	2.8

- 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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