Incentive Award Plan |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Compensation Cost Items [Abstract] | |
| Incentive Award Plan | Incentive Award Plan Restricted Shares of Common Stock During the three months ended March 31, 2019, the Company granted 149 thousand restricted shares under the Amended Incentive Award Plan to certain executive officers and employees. The Company recorded $5.7 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of March 31, 2019, there were approximately 436 thousand unvested restricted shares outstanding. Market-Based Awards During the three months ended March 31, 2019, the Board of Directors, or committee thereof, approved target grants of 97 thousand market-based awards to executive officers of the Company. The performance period of these grants runs primarily through December 31, 2021. Potential shares of the Company's common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0% and 250%. Grant date fair value was calculated using the Monte Carlo simulation model, which incorporated stock price correlation, projected dividend yields and other variables over the time horizons matching the performance periods. Significant inputs for the calculation were expected volatility of the Company of 25.4% and expected volatility of the Company's peers, ranging from 15.3% to 30.8%. Stock-based compensation expense associated with unvested market-based awards is recognized on a straight-line basis over the minimum required service period, which is generally three years. Approximately $2.0 million and $1.7 million in dividend rights have been accrued for non-vested market-based awards outstanding as of March 31, 2019 and December 31, 2018, respectively. For outstanding non-vested awards at March 31, 2019, 0.2 million shares would have been released based on the Company's TSR relative to the specified peer groups through that date. Stock-based Compensation Expense For the three months ended March 31, 2019 and 2018, the Company recognized $3.6 million and $4.4 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of March 31, 2019, the remaining unamortized stock-based compensation expense totaled $22.4 million, including $11.6 million related to restricted stock awards and $10.8 million related to market-based awards. As of December 31, 2018, the remaining unamortized stock-based compensation expense totaled $15.5 million, including $8.1 million related to restricted stock awards and $7.4 million related to market-based awards. Amortization is recognized on a straight-line basis over the service period of each applicable award. |