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Equity-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Employee Stock Performance Activity

The activity related to the Company’s time-vesting and performance-vesting share awards during the nine months ended September 30, 2016 is as follows:

 

 

 

 

 

 

 

 

 

 

 

Performance-Vesting Restricted shares

 

 

 

Time-Vesting

Restricted shares

 

 

Bonus Performance

Restricted shares

 

 

Long-Term

Incentive

Performance

Restricted shares

 

 

2.25x Performance

Restricted shares

 

 

2.75x Performance

Restricted shares

 

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

per Share

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

per Share

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

per Share

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

per Share

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

per Share

 

Outstanding at

   December 31, 2015

 

 

883,270

 

 

$

18.66

 

 

 

415,995

 

 

$

19.00

 

 

 

62,365

 

 

$

18.88

 

 

 

1,370,821

 

 

$

20.35

 

 

 

1,370,821

 

 

$

10.93

 

Granted

 

 

545,968

 

 

$

17.19

 

 

 

497,082

 

 

$

17.93

 

 

 

198,426

 

 

$

18.49

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

 

(241,242

)

 

$

18.21

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,370,821

)

 

$

20.07

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(61,366

)

 

$

17.99

 

 

 

(452,882

)

 

$

18.93

 

 

 

(40,503

)

 

$

19.31

 

 

 

—

 

 

 

—

 

 

 

(41,794

)

 

$

15.40

 

Outstanding at

September 30, 2016

 

 

1,126,630

 

 

$

18.08

 

 

 

460,195

 

 

$

17.91

 

 

 

220,288

 

 

$

18.45

 

 

 

—

 

 

 

—

 

 

 

1,329,027

 

 

$

8.29

 

 
Schedule of Activity Related to Stock Option Awards

The activity related to the Company’s stock option awards during the nine months ended September 30, 2016 is as follows:

 

 

 

Options

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic Value

 

Outstanding at December 31, 2015

 

 

2,274,385

 

 

$

19.21

 

 

 

 

 

 

 

 

 

Granted

 

 

1,466,233

 

 

$

17.84

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(219,594

)

 

$

18.65

 

 

 

 

 

 

 

 

 

Expired

 

 

(25,354

)

 

$

18.96

 

 

 

 

 

 

 

 

 

Exercised

 

 

(4,331

)

 

$

18.96

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2016

 

 

3,491,339

 

 

$

18.67

 

 

 

8.92

 

 

$

—

 

Exercisable at September 30, 2016

 

 

532,024

 

 

$

19.23

 

 

 

8.57

 

 

$

—

 

 
Schedule of Key Weighted-average Assumptions Utilized in Black-Scholes Option Pricing Model for Stock Options Granted

The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2016 was $3.68.  Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the nine months ended September 30, 2016 were:

 

Risk- free interest rate

 

 

1.47

%

Expected volatility (a)

 

 

35.44

%

Expected dividend yield

 

 

4.73

%

Expected life (in years) (b)

 

 

6.25

 

 

(a)

Due to the Company’s limited history as a public company, the volatility for the Company’s stock at the date of each grant was estimated using the average volatility calculated for a peer group, which is based upon daily price observations over the estimated term of options granted.

(b)

The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.