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SHARE BASED PAYMENTS
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE BASED PAYMENTS SHARE BASED PAYMENTS
On May 25, 2023, our shareholders approved an amendment to the Hersha Hospitality Trust 2012 Equity Incentive Plan which provides equity-based incentives for the purpose of attracting and retaining executive officers, employees, trustees and other persons and entities that provide services to the Company.
On March 9, 2023, the Compensation Committee approved the 2023 Long Term Incentive Plan ("2023 LTIP") in which 60% of the LTIP Units are issuable based on the Company's achievement of a certain level of (1) absolute total shareholder return (37.5% of the award), (2) relative total shareholder return as compared to the Company’s peer group (37.5% of the award), and (3) relative growth in revenue per available room ("RevPar") compared to the Company’s peer group (25.0% of the award) and the remaining 40% of the LTIP Units awarded provide for time based vesting.
The 60% market-based portion of the 2023 LTIP has a three-year performance period which commenced on January 1, 2023 and ends December 31, 2025. As of June 30, 2023, no shares or LTIP Units have been issued to the executive officers in settlement of 2023 LTIP market-based awards.

A summary of our share based compensation activity from December 31, 2022 to June 30, 2023 is as follows:
LTIP Unit AwardsRestricted Share AwardsShare Awards
Number of UnitsWeighted Average Grant Date Fair ValueNumber of Restricted SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Unvested Balance as of December 31, 2022
1,105,573 $9.65 164,166 $9.83 — 
Granted1,297,419 
(1)
5.90 52,710 5.90 145,615 $6.36 
Vested(51,452)5.90 (122,423)10.03 (145,615)6.36 
Forfeited— N/A(2,767)10.52 — N/A
Unvested Balance as of June 30, 2023
2,351,540 $7.66 91,686 $7.29 — 
(1) On March 22, 2023, 1,104,874 Units were issued to the executive officers in settlement of the 2022 Short Term Incentive Program. These Units vest on December 31, 2024, the two year anniversary following the end of the performance period and were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company's common shares on the NYSE for the 20 trading days prior to December 31, 2022.
On June 21, 2023, the Compensation Committee awarded 192,545 LTIP Units related to the time based portion of the 2023 LTIP. These LTIP Units vest over a three year period from January 1, 2023 to December 31, 2025. The LTIP Units awarded were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company’s common shares on the NYSE for the 20 trading days prior to December 31, 2022.
The following table summarizes share based compensation expense for the three and six months ended June 30, 2023 and 2022 and unearned compensation as of June 30, 2023 and December 31, 2022:
Share Based
Compensation Expense		Unearned
Compensation
For the Three Months Ended
For the Six Months Ended
As of
June 30, 2023
June 30, 2022
June 30, 2023June 30, 2022
June 30, 2023
December 31, 2022
Issued Awards
LTIP Unit Awards$1,953 $2,142 $2,726 $3,919 $7,547 $5,311 
Restricted Share Awards177 346 376 538 500 683 
Share Awards205 478 1,015 764 — — 
Unissued Awards
Market Based362 333 632 619 2,971 2,541 
Total$2,697 $3,299 $4,749 $5,840 $11,018 $8,535 
The weighted-average period of which the unrecognized compensation expense will be recorded is approximately 1.7 years for LTIP Unit Awards and 1.2 years for Restricted Share Awards.
The remaining unvested target units are expected to vest as follows:
2023202420252026
LTIP Unit Awards1,110,6211,176,73864,181 — 
Restricted Share Awards—73,75810,4647,464
1,110,621 1,250,496 74,645 7,464