Common Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The total value of cash, stock compensation and professional fees incurred as a result of this severance was $28.3 million; however, the net amount, after incorporating accruals for CEO compensation previous to this severance, was $18.7 million, which was recognized in general and administrative expense on our 2018 consolidated statement of income and comprehensive income, and which represents the incremental costs incurred per the reconciliation below (dollars in thousands):



Cash	$	9,817
Stock compensation	17,902
Professional fees	574
Total value of severance	28,293
Amount accrued for CEO compensation prior to separation	(9,642		)
Incremental severance	$	18,651

Schedule of nonvested restricted stock activity

The following table summarizes our common stock grant activity under our 2012 Plan.



	2018				2017				2016
	Number of shares		Weighted average price⁽¹⁾		Number of shares		Weighted average price⁽¹⁾		Number of shares		Weighted average price⁽¹⁾
Outstanding nonvested shares, beginning of year	475,768		$	52.32	513,523		$	48.33	456,282		$	30.46
Shares granted	183,952		$	52.21	149,264		$	59.21	260,171		$	54.14
Shares vested	(310,706	)	$	51.05	(183,381	)	$	46.65	(200,066	)	$	43.26
Shares forfeited	(41,193	)	$	53.06	(3,638	)	$	56.57	(2,864	)	$	48.15
Outstanding nonvested shares, end of each period	307,821		$	53.44	475,768		$	52.32	513,523		$	48.33
⁽¹⁾Grant date fair value.

Schedule of number of performance shares that vest based on the achievement of performance goals

The number of performance shares that vest is based on the achievement of the following performance goals:



2017 & 2018 Performance Awards Metrics	Weighting
Total shareholder return (“TSR”) relative to RMS Index	45	%
TSR relative to JP Morgan Net Lease Peers	26	%
Dividend per share growth rate	16	%
Debt-to-EBITDA ratio	13	%

2016 Performance Awards Metrics	Weighting
Total shareholder return (“TSR”) relative to MSCI US REIT Index	50	%
TSR relative to NAREIT Freestanding Index	20	%
Dividend per share growth rate	20	%
Debt-to-EBITDA ratio	10	%

Schedule of nonvested performance shares activity

The following table summarizes our performance share grant activity:



	2018				2017				2016
	Number of performance shares		Weighted average price⁽¹⁾		Number of performance shares		Weighted average price⁽¹⁾		Number of performance shares		Weighted average price⁽¹⁾
Outstanding nonvested shares, beginning of year	245,309		$	62.49	159,751		$	49.95	115,121		$	46.94
Shares granted	256,999		$	51.89	124,681		$	71.79	58,575		$	55.07
Shares vested	(291,785	)	$	54.88	(39,123	)	$	41.60	(10,454	)	$	44.54
Shares forfeited	—		$	—	—		$	—	(3,491	)	$	52.55
Outstanding nonvested shares, end of each period	210,523		$	59.08	245,309		$	62.49	159,751		$	49.95
⁽¹⁾Grant date fair value.

Schedule of nonvested restricted stock units activity

During 2018 and 2017 we also granted restricted stock units that primarily vest over a four-year service period and have the same economic rights as shares of restricted stock:



	2018				2017				2016
	Number of restricted stock units		Weighted average price⁽¹⁾		Number of restricted stock units		Weighted average price⁽¹⁾		Number of restricted stock units		Weighted average price⁽¹⁾
Outstanding nonvested shares, beginning of year	24,869		$	55.97	18,460		$	52.65	10,136		$	52.21
Shares granted	8,383		$	49.96	10,467		$	60.56	14,783		$	52.76
Shares vested	(10,118	)	$	55.01	(4,058	)	$	52.70	(6,459	)	$	52.21
Shares forfeited	(8,166	)	$	53.45	—		$	—	—		$	—
Outstanding nonvested shares, end of each period	14,968		$	54.62	24,869		$	55.97	18,460		$	52.65
⁽¹⁾ Grant date fair value.