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Equity (Tables)
 12 Months Ended
Dec. 31, 2017
Equity  
Schedule of cash dividends declared and paid

We declared and paid the following cash dividends (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

2017

 

2016

 

2015

 

 

 

 

Declared

 

Paid

 

Declared

 

Paid

 

Declared

 

Paid

 

 

Preferred Stock Series C

    

$

 —

    

$

 —

    

$

 —

 

$

 —

 

$

2,454

    

$

2,454

 

 

Common Stock

 

 

90,219

(1)

 

90,219

(1)

 

84,568

(2)

 

84,568

(2)

 

74,311

(3)

 

74,311

(3)

 

Total

 

$

90,219

 

$

90,219

 

$

84,568

 

$

84,568

 

$

76,765

 

$

76,765

 

 

(1)

Represents $0.19 per share per month for the year ended December 31, 2017.

 

(2)

Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016.

 

(3)

Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015.

 

Schedule of restricted stock activity

Restricted Stock and performance-based stock units.  Restricted stock and performance based stock units activity for the years ended December 31, 2017, 2016 and 2015 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

 

2015

 

Outstanding, January 1

 

 

210,573

 

 

187,347

 

 

214,168

 

Granted

 

 

143,057

 

 

127,087

 

 

92,150

 

Vested

 

 

(85,343)

 

 

(103,861)

 

 

(118,331)

 

Canceled

 

 

(24,106)

 

 

 —

 

 

(640)

 

Outstanding, December 31

 

 

244,181

 

 

210,573

 

 

187,347

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense related to restricted stock and performance based stock units for the year

 

$

5,247,000

 

$

4,265,000

 

$

3,992,000

 

 

Schedule of restricted stock granted

During 2017, 2016 and 2015, we granted 143,057,  127,087 and 92,150 shares of restricted common stock, respectively, under the 2015 plan and 2008 Plan as follows:

 

 

 

 

 

 

 

 

 

 

 

No. of 

 

Price per

 

 

 

Year

 

Shares/Units

 

Share

 

Vesting Period

 

2017

 
74,760

 

$
45.76

 

ratably over 3 years

 

 

 

57,881

 

$

45.76

 

TSR targets (1)

 

 

 

7,416

 

$

48.55

 

June 1, 2018

 

 

 

3,000

 

$

50.50

 

ratably over 3 years

 

 

 
143,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 
65,300

 

$

43.24

 

ratably over 3 years

 

 

 

54,107

 

$

46.87

 

TSR targets (2)

 

 

 

7,680

 

$

46.87

 

June 1, 2017

 

 

 
127,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 
65,750

 

$
44.45

 

ratably over 3 years

 

 

 

18,000

 

$

42.30

 

ratably over 3 years

 

 

 

8,400

 

$

42.30

 

June 2, 2016

 

 

 
92,150

 

 

 

 

 

 

(1)

Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years.

 

(2)

Vesting is based on achieving certain total TSR targets in 3.7 years with acceleration opportunity in 2.7 years.

 

Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense

At December 31, 2017, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows:

 

 

 

 

 

 

 

 

 

Number

 

Remaining 

 

 

of

 

Compensation

Vesting Date

    

Awards

    

Expense

2018

 

75,149

 

$

3,947,000

2019

 

92,218

(1)

 

2,149,000

2020

 

76,814

(2)

 

259,000

 

 

244,181

 

$

6,355,000

(1)

Includes 54,107 performance-based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense.

 

(2)

Includes 57,881 performance-based stock units. See (1) above for valuation methodology.
Schedule of nonqualified stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

Shares

 

Price

 

 

 

2017

 

2016

 

2015

 

2017

 

 

2016

 

2015

 

Outstanding, January 1

    

33,334

 

40,001

    

43,334

    

$

30.76

 

$

29.60

    

$

29.16

 

Granted

 

 —

 

 —

 

 —

 

 

n.a

 

 

n.a

 

 

n.a

 

Exercised

 

(8,334)

 

(6,667)

 

(3,333)

 

$

24.31

 

$

23.79

 

$

23.79

 

Canceled

 

 —

 

 —

 

 —

 

 

n.a

 

 

n.a

 

 

n.a

 

Outstanding, December 31

 

25,000

 

33,334

 

40,001

 

$

32.92

 

$

30.76

 

$

29.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, December 31(1)

 

25,000

 

28,334

 

30,001

 

$

32.92

 

$

45.45

 

$

31.99

 

(1)

The aggregate intrinsic value of exercisable options at December 31, 2017, based upon the closing price of our common shares at December 29, 2017, the last trading day of 2017, was approximately $266,000. Options exercisable at December 31, 2017 have a weighted average remaining contractual life of approximately 3.5 years.

Schedule of options exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

    

 

 

    

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Options

 

Exercise

 

Option

 

Market

 

 

 

Exercised

 

Price

 

Value

 

Value(1)

 

2017

 

8,334

 

$

24.31

 

$

202,000

 

$

410,797

 

2016

 

6,667

 

$

23.79

 

$

159,000

 

$

311,000

 

2015

 

3,333

 

$

23.79

 

$

79,000

 

$

140,000

 

(1)

As of the exercise dates.