During the three months ended March 31, 2023 and 2022, the Company awarded 259,099 and 142,045 shares of restricted stock awards (“RSAs”), respectively, to officers and employees under the Company's equity incentive plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one-, three-, or four-year period from the date of the grant and are subject to the holder’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average per share value of awards granted during the three months ended March 31, 2023 and 2022, were $17.75 and $21.66, respectively, which were based on the market price per share of the Company’s common stock on the grant date.

The following table presents information about the Company’s RSAs:


	For the Three Months Ended March 31,
(in thousands)	2023		2022
Compensation cost	$	1,728	$	610
Dividends declared on unvested RSAs		136		97
Fair value of shares vested during the period		2,864		3,209

As of March 31, 2023, there was $7.3 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 3.0 years.

The following table presents information about the Company’s restricted stock activity:


	For the Three Months Ended March 31,
	2023					2022
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		396		$	20.36		372		$	19.62
Granted		259			17.75		142			21.66
Vested		(160	)		20.36		(146	)		19.80
Forfeited		—			—		(1	)		26.41
Unvested at end of period		495			19.00		367			20.33

During the three months ended March 31, 2023 and 2022, the Company issued target grants of 186,481 and 121,883 performance-based restricted stock units (“PRSUs”), respectively, under the Company's equity incentive plan to the officers of the Company. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50% based on the relative total shareholder return (“rTSR”) of the Company’s common stock as compared to the rTSR of peer companies, as identified in the grant agreements, over a three-year period, and 50% based on the rTSR of the Company’s common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. Vesting percentages range from 0% to 200% with a target of 100%. rTSR means the percentage appreciation in the fair market value of one share over the three-year measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55th percentile of the peer companies and MSCI US REIT Index. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility, among others.

The following table presents compensation cost recognized on the Company’s PRSUs:


	For the Three Months Ended March 31,
(in thousands)	2023		2022
Compensation cost	$	151	$	319

As of March 31, 2023, there was $5.8 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 2.6 years.

The following table presents information about the Company’s performance-based restricted stock unit activity:


	For the Three Months Ended March 31,
	2023					2022
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares		Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		233		$	26.27		110	$	24.40
Granted		186			23.78		122		27.93
Vested		—			—		—		—
Forfeited		(61	)		26.80		—		—
Unvested at end of period		358			25.01		232		26.25