Equity

Shareholders' Equity. During the six months ended June 30, 2016 and 2015, the Company issued 577,823 and 1,313,912 common shares, respectively, under its direct share purchase plan, which includes its dividend reinvestment plan, raising net proceeds of $4,115 and $13,059, respectively.

During the six months ended June 30, 2016 and 2015, the Company granted common shares to certain employees and trustees as follows:



	Six Months ended June 30,
	2016	2015
Performance Shares⁽¹⁾
Shares issued:
Index	404,466	321,018
Peer	404,463	321,011

Grant date fair value per share:⁽²⁾
Index	$4.53	$6.86
Peer	$4.58	$6.66

Non-Vested Common Shares:⁽³⁾
Shares issued	225,090	170,650
Grant date fair value	$1,724	$1,916

Non-management Board of Trustee grant:⁽⁴⁾
Shares issued	17,500	14,000
Grant date fair value	$131	$157


(1)	The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately.


(2)	The fair value of grants was determined at the grant date using a Monte Carlo simulation model.


(3)	The shares vest ratably over a three-year service period.


(4)	Annual grant and shares vested upon grant.

In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares. During the six months ended June 30, 2016, the Company repurchased 1,184,113 common shares at an average price of $7.56 per common share.

Accumulated other comprehensive loss as of June 30, 2016 and December 31, 2015 represented $(7,520) and $(1,939), respectively, of unrealized loss on interest rate swaps, net.

Changes in Accumulated Other Comprehensive Loss



	Gains and Losses on Cash Flow Hedges
Balance December 31, 2015	$	(1,939	)
Other comprehensive loss before reclassifications	(7,688		)
Amounts of loss reclassified from accumulated other comprehensive income to interest expense	2,107
Balance June 30, 2016	$	(7,520	)

Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued OP units as a form of consideration. All OP units, other than OP units owned by the Company, are redeemable for common shares at certain times, at the option of the holders, and are generally not otherwise mandatorily redeemable by the Company. The OP units are classified as a component of permanent equity as the Company has determined that the OP units are not redeemable securities as defined by GAAP. Each OP unit is currently redeemable at the holder's option for approximately 1.13 common shares, subject to future adjustments.

As of June 30, 2016, there were approximately 3,389,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with the LCIF partnership agreement. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the LCIF partnership agreement, the distributions per OP unit are reduced by the percentage reduction in the Company's dividend per common share. No OP units have a liquidation preference.