Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Stock-Based Compensation  
Schedule of LTIP Unit Activity

Number of

Date

Description

Units Issued

Vesting Dates

March 2, 2021

Final awards under the 2018 Long-Term Incentive Plan

220

50% on March 2, 2021; and

50% on March 2, 2022

March 2, 2021

Final awards under the 2020 Annual Incentive Plan

267

50% on March 2, 2021; and

50% on March 2, 2022

March 2, 2021

Time-based awards under the 2021 Long-Term Incentive Plan

56

100% on March 2, 2024

May 26, 2021

Annual awards to independent directors

25

100% on May 26, 2022

Schedule of time-based vesting LTIP unit activity

Vested units

    

1,452

Unvested units

 

738

LTIP Units outstanding as of September 30, 2021

 

2,190

Schedule of the annual awards and long-term awards

During the nine months ended September 30, 2021 there were eight performance-based LTIP awards forfeited. A detail of the Company’s Long-Term Awards under the 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2021 program as of September 30, 2021 is as follows:

2019 Long-Term Awards

 

82

2020 Long-Term Awards

 

68

2021 Annual Awards (1)

 

88

2021 Long-Term Awards (2)

 

74

Total target performance awards as of September 30, 2021

 

312

(1) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the grant date.  
(2) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant.
Schedule of of the assumptions for the long-term awards using Monte Carlo simulations

Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations:

2021 Long-Term

2020 Long-Term

2019 Long-Term

    

Awards

    

Awards

    

Awards

    

Fair value

$

14.86

$

13.47

$

10.07

 

Target awards

 

76

 

70

 

82

 

Volatility

 

42.37

%  

 

28.75

%  

 

31.7

%  

Risk-free rate

 

0.26

%  

 

0.72

%  

 

2.5

%  

Dividend assumption

 

reinvested

 

reinvested

 

reinvested

 

Expected term in years

 

3

 

3

 

3