Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Our key employees, outside directors, consultants, and advisors are eligible to receive stock-based compensation pursuant to the terms of our 2020 Equity Incentive Plan (the “2020 Plan”). This plan allows for the issuance of shares for stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other awards. The 2020 Plan allows for up to 5,000,000 awards, of which 3,944,430 shares of common stock were available for grant as of December 31, 2023, and terminates once all awards have been issued. Compensation expense related to our equity incentive plans were $27.9 million, $25.5 million, and $23.1 million during 2023, 2022, and 2021, respectively.

Restricted Stock

During 2023, 2022, and 2021, we granted 210,222, 291,832, and 439,633 shares, respectively, of restricted common stock and restricted stock units at no cost to participants under the plan. These awards provide dividend rights prior to vesting, and the restricted stock provides voting rights prior to vesting. The awards are subject to forfeiture and are non-transferable, which restrictions generally lapse over a four-year period from the grant date at a rate of 15%, 15%, 20% and 50% per year. We have determined that the grant date quoted market price of the underlying common stock is the appropriate measure of compensation cost. This cost is amortized as expense over the restriction period. As of December 31, 2023, there was $44.2 million of unrecognized compensation cost related to the restricted stock, which is expected to be recognized over the restricted period.

Presented below is a summary of the status of our restricted stock as of December 31, 2023 and 2022 and changes during the year ended December 31, 2023:

	Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
December 31, 2021	1,082,844	$	56.26
Granted	291,832	100.53
Vested	(352,585)	53.07
Forfeited	(4,071)	62.91
December 31, 2022	1,018,020	$	70.03	$	117.0
Granted	210,222	146.48
Vested	(399,362)	58.62
Forfeited	(5,407)	87.40
December 31, 2023	823,473	$	94.98	$	132.2