Benefit Plans

12 Months Ended

Dec. 31, 2020

Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]

The Company maintains an equity award plan pursuant to which qualified and non-qualified options may be issued. No common share options were issued in 2020, 2019 and 2018. The Company granted 1,248,501, 1,265,500 and 2,000,000 common share options on December 31, 2010 (“2010 options”), January 8, 2010 (“2009 options”) and December 31, 2008 (“2008 options”), respectively, at an exercise price of $7.95, $6.39 and $5.60, respectively. The 2010 options (1) vested 20% annually on each December 31, 2011 through 2015 and (2) terminated on the earlier of (x) six months of termination of service with the Company and (y) December 31, 2020. The 2009 options (1) vested 20% annually on each December 31, 2010 through 2014 and (2) terminated on the earlier of (x) six months of termination of service with the Company and (y) December 31, 2019. The 2008 options (1) vested 50% following a 20-day trading period where the average closing price of a common share of the Company on the New York Stock Exchange (“NYSE”) was $8.00 or higher and vested 50% following a 20-day trading period where the average closing price of a common share of the Company on the NYSE was $10.00 or higher, and (2) terminated on the earlier of (x) termination of service with the Company or (y) December 31, 2018. As a result of the share dividends paid in 2009, each of the 2008 options were exchangeable for approximately 1.13 common shares at an exercise price of $4.97 per common share.

The Company recognized compensation expense relating to these options over an average of 5.0 years for the 2010 options and 2009 options and 3.6 years for the 2008 options. All deferred compensation costs relating to the outstanding options were fully amortized by December 31, 2015. The intrinsic value of an option is the amount by which the market value of the underlying common share at the date the option is exercised exceeds the exercise price of the option. The total intrinsic value of options exercised for the years ended December 31, 2020, 2019 and 2018 were $106, $271 and $26, respectively.

Share option activity during the years indicated is as follows:


	Number of Shares	Weighted-Average Exercise Price Per Share
Balance at December 31, 2018	118,400	$	7.44
Exercised	(84,400)	7.24
Balance at December 31, 2019	34,000	7.95
Exercised	(34,000)	7.95
Balance at December 31, 2020	—	$	—

Non-vested share activity for the years ended December 31, 2020 and 2019, is as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Balance at December 31, 2018	3,455,077	$	7.34
Granted	829,581	5.97
Vested	(151,447)	5.06
Forfeited	(1,191,799)	6.76
Balance at December 31, 2019	2,941,412	7.30
Granted	709,250	7.77
Vested	(613,504)	8.80
Forfeited	(332,429)	5.30
Balance at December 31, 2020	2,704,729	$	7.27

During 2020 and 2019, the Company granted common shares to certain employees and trustees as follows:


	2020	2019
Performance Shares(1)
Shares issued:
Index	232,993	276,063
Peer	232,987	276,058

Grant date fair value per share:(2)
Index	$6.59	$5.05
Peer	$5.97	$4.67

Non-Vested Common Shares:(3)
Shares issued	243,270	277,460
Grant date fair value	$2,581	$2,270

(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. During 2020, 122,779 of the 452,737 performance shares issued in 2017 vested. During 2019, 713,044 of the 808,929 performance shares issued in 2016 vested.

(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.

In addition, during 2020, 2019 and 2018, the Company issued 47,130, 67,226, and 66,318, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $500, $595, and $599, respectively.

As of December 31, 2020, of the remaining 2,704,729 non-vested shares, 1,024,584 are subject to time-based vesting and 1,680,145 are subject to performance-based vesting. At December 31, 2020, there are 2,359,683 awards available for grant. The Company has $6,122 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.6 years.

The Company has established a trust for certain officers in which vested common shares granted for the benefit of the officers are deposited. The officers exert no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2020 and 2019, there were 130,863 common shares in the trust.

The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $393, $403 and $397 of contributions are applicable to 2020, 2019 and 2018, respectively.

During 2020, 2019 and 2018, the Company recognized $6,185, $5,831 and $6,302, respectively, in expense relating to scheduled vesting of common share grants.