Long-Term Compensation (Tables)

The following table details the assumptions using a Monte Carlo valuation model of each grant based on the year it was granted (dollars in thousands):

	2016			2015			2014
Risk free interest rate		0.99	%		0.86	%		0.67	%
Expected volatility		20.5	%		28.0	%		38.0	%
Aggregate fair value	$	26,600		$	26,500		$	23,100

The following table summarizes the activity for RSUs for the year ended December 31, 2016 (units in thousands):

	Number of RSUs			Weighted Average Grant-Date Fair Value		Number of RSUs Vested
Balance at January 1, 2016		1,626		$	42.21		109
Granted		843			38.53
Vested and distributed		(807	)		41.70
Forfeited		(45	)		41.08
Balance at December 31, 2016		1,617		$	40.58		125

The following table summarizes the activity for LTIP Units for the year ended December 31, 2016 (units in thousands):

	Number of LTIP Units		Weighted Average Grant-Date Fair Value		Number of LTIP Units Vested
Balance at January 1, 2016		1,244	$	42.21		303
Granted		975		39.01
Balance at December 31, 2016		2,219	$	40.81		743

The following table summarizes the activity for the POP LTIP Units for the year ended December 31, 2016 (units in thousands):

	Number of POP LTIP Units
Balance at January 1, 2016		3,464
Granted		953
Forfeited		(927	)
Balance at December 31, 2016		3,490

The following table details the equity awards granted under the PPP for the year ended December 31 (in thousands):

	2016		2015		2014
RSUs granted		77		-		57
Grant date fair value of RSUs granted	$	4,126	$	-	$	2,327
LTIP Units granted		197		-		113
Grant date fair value of LTIP Units granted	$	8,984	$	-	$	4,692