Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

A summary of shares granted and vested to our former Trustees, former officers and certain employees of RMR under the terms of our 2012 Plan and our 2003 Plan for the years ended December 31, 2014, 2013 and 2012, is as follows:



	Number of Shares		Weighted Average Grant Date Fair Value
Unvested shares at December 31, 2011	103,615		23.32
Granted	83,617		15.99
Vested	(71,244	)	15.75
Forfeited	(1,285	)	18.74
Unvested shares at December 31, 2012	114,703		19.39
Granted	83,450		23.29
Vested	(66,639	)	23.06
Forfeited	(600	)	22.49
Unvested shares at December 31, 2013	130,914		20.70
Granted	4,000		23.46
Vested	(134,914	)	25.79
Unvested shares at December 31, 2014	—		—

Summary of Restricted Share and Restricted Stock Unit Activity

A summary of restricted share and RSU activity under the Plan for the year ended December 31, 2014 is as follows:



	Number of Restricted Shares		Weighted Average Grant Date Fair Value		Number of RSUs	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013	—		$	—	—	$	—
Granted	713,727		26.66		1,266,237	15.99
Vested	(3,545	)	26.66		—	—
Outstanding at December 31, 2014	710,182		$	—	1,266,237	$	—

Restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions and Fair Values for Restricted Stock Units Granted in the Period

The assumptions and fair values for the RSUs granted for the year ended December 31, 2014 is included in the following table on a per share basis.



	2014
Fair value of RSUs granted	$	15.99
Expected term (years)	4
Expected volatility	—
Expected dividend yield	1.88		%
Risk-free rate	0.84		%

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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