Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of share-based compensation expense

A summary of share-based compensation expense included in net income is as follows:

	Year Ended December 31,
	2019			2018			2017
	(In thousands)
Grants of common shares and options	$	13,330		$	12,736		$	12,371
Capitalized share-based compensation	(1,054		)	(1,017		)	(1,385		)
Share-based compensation expense	$	12,276		$	11,719		$	10,986

Summary of weighted average assumptions used to value options granted

The following table provides a summary of the assumptions used to value options granted in 2018:

	Year Ended December 31,
	2018
Volatility	18.0	%
Expected dividend yield	3.6	%
Expected term (in years)	7.5
Risk free interest rate	2.8	%

Summary of option activity

The following table provides a summary of option activity for 2019: 

	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding at December 31, 2018	682	$	152.34
Granted	—	—
Exercised	—	—
Forfeited or expired	—	—
Outstanding at December 31, 2019	682	$	152.34	6.1	$	—
Exercisable at December 31, 2019	409	$	152.34	6.1	$	—

Summary of restricted share activity

The following table provides a summary of restricted share activity for 2019:

	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2018	206,100		$	130.46
Granted	122,056		133.30
Vested	(97,077	)	133.35
Forfeited	(10,501	)	151.22
Unvested at December 31, 2019	220,578		$	129.78

Schedule of common shares awarded under various compensation plans

Subsequent to December 31, 2019, common shares were awarded under various compensation plans as follows:

Date	Award		Vesting Term	Beneficiary
January 2, 2020	5,591	Shares	Immediate	Trustees
February 4, 2020	101,981	Restricted Shares	1-7 years	Officers and key employees