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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of company stock award
A summary of the status of the Company’s nonvested restricted stock awards as of June 30, 2017, and changes during the six months ended June 30, 2017, is presented below: 
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Nonvested at January 1, 2017
602,162

 
$
15.41

Granted
326,424

 
$
10.75

Vested
(245,409
)
 
$
14.79

Forfeited
(6,440
)
 
$
13.20

Nonvested at June 30, 2017
676,737

 
$
13.41
Performance Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of company stock award
The Company granted the following PSUs in the first quarter of the respective years as follows:
 
PSUs granted
 
Weighted-Average
Grant Date
Fair Value
2015 PSUs
138,680

 
$
15.52

2016 PSUs
282,995

 
$
4.98

2017 PSUs
277,376

 
$
6.86
Schedule of Assumptions Used in the Monte Carlo Simulation Pricing Model
The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2017 PSUs and the 2016 PSUs:
 
 
2017 PSUs
 
2016 PSUs
Grant date
 
February 7, 2017
 
February 10, 2016
Fair value per share on valuation date (1)
 
$
6.86

 
$
4.98

Risk-free interest rate (2)
 
1.53
%
 
0.92
%
Expected share price volatility (3)
 
32.85
%
 
30.95
%
(1)
The value of the PSU awards is estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2017 PSUs consists of 115,082 shares at a fair value of $5.62 per share and 162,294 shares at a fair value of $7.74 per share.
(2)
The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date.
(3)
The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money.