Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Information Pertaining to Share-based Compensation Issued

The following table sets forth information pertaining to the share-based compensation issued under the 2023 Incentive Plan and the incentive plan for 2022 (the “2022 Incentive Plan”).

	2023 Incentive Plan			2022 Incentive Plan
Period common shares issued	First Quarter 2024			First Quarter 2023
Common shares earned under each incentive plan		1,110,664			935,189
Common shares surrendered on issuance date to    satisfy tax withholding obligations		306,346			263,026
Common shares earned and issued under each    incentive plan, net of common shares surrendered on    issuance date to satisfy tax withholding obligations		804,318			672,163
Average of the high and low stock price on issuance date	$	16.27		$	16.70
Total share-based compensation earned, including the    surrendered shares (in millions)	$	18.1	(1)	$	15.6	(2)
Of the total common shares earned and issued, total    common shares unrestricted at time of issuance		399,842			360,176
Of the total common shares earned and issued, total    common shares restricted at time of issuance		404,476			311,987
Restricted common shares vesting date	December 13, 2024			December 8, 2023
Common shares surrendered on vesting date to satisfy    tax withholding requirements resulting from vesting    of restricted common shares	n/a				134,085

(1)Of the total 2023 share-based compensation, approximately $14.8 million was recorded as a liability as of December 31, 2023 and is included in accounts payable and other liabilities in the Company’s consolidated balance sheet at December 31, 2023. Another $3.3 million, which is subject to vesting on December 13, 2024 and excludes any restricted shares forfeited or vested prior to that date, will be recognized as share-based compensation expense proportionately throughout 2024. For the three and six months ended June 30, 2024, the Company recognized approximately $0.8 million and $1.6 million, respectively, of share-based compensation expense related to restricted share awards.

(2)Of the total 2022 share-based compensation, approximately $2.6 million, which vested on December 8, 2023, was recognized as share-based compensation expense proportionately throughout 2023. For the three and six months ended June 30, 2023, the Company recognized approximately $0.6 million and $1.3 million, respectively, of share-based compensation expense related to restricted share awards.