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Equity Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Compensation [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
Restricted Stock Grants

The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2018 and 2019 vested on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grants for service years 2020 and 2021 are scheduled to vest on the earlier of our next annual meeting of stockholders or the one-year anniversary of the date of grant.
Service yearSharesFair value per share
Total compensation cost (in thousands)
201824,810$14.51$360
201926,446$15.88$420
202066,114$8.05$532
202146,782$10.26$480

On June 17, 2020, the Company granted Restricted Stock to certain of its executives and employees. The fair value per share of $8.05 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 137,741 shares representing a fair value of approximately $1.1 million will vest on the four year anniversary of the grant date and 344,356 shares representing a fair value of approximately $2.8 million will vest on a pro-rata basis on each of the four succeeding anniversaries of the grant date. A total of 22,210 shares of unvested restricted stock have been forfeited from the 2020 grant.

On March 15, 2021, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $10.69 was based upon the closing price of the Company's Common Stock on the grant date. A total of 261,226 shares representing a fair value of approximately $2.8 million are scheduled to vest on a pro-rata basis on each of the four succeeding anniversaries of the grant date. A total of 20,112 shares of unvested restricted stock have been forfeited from the 2021 grant.
Class B OP Units

As of December 31, 2021, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP units, was:
Grant date1/2/2018
Units granted256,087 
Units forfeited:
   John A. Williams (1)
(38,284)
  Voluntary forfeiture by senior executives (2)
(128,258)
   Other(31,079)
Total forfeitures(197,621)
Units earned and converted into Class A Units— 
Class B Units outstanding at December 31, 2021
58,466 
(1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing.
(2) Additional Class B OP units granted to senior executives other than Mr. Williams were voluntarily forfeited at the end of 2018.
The Company has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table:
Grant date3/15/20211/2/20201/2/20191/2/2018
Service period2021-20242020-20222019-20212018-2020
RSU activity:
Granted20,600 21,400 27,760 20,720 
Forfeited(2,200)(5,900)(8,861)(8,274)
RSUs outstanding at December 31, 2021
18,400 15,500 18,899 12,446 
RSUs unearned but vested— 5,188 12,683 12,446 
RSUs unearned and not yet vested18,400 10,312 6,216 — 
RSUs outstanding at December 31, 2021
18,400 15,500 18,899 12,446 
Fair value per RSU$10.69 $9.47 $10.77 $16.66 
Total fair value of RSU grant$220,214 $202,658 $298,975 $345,195 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] The underlying valuation assumptions and result for the Performance RSU award was:
Grant date3/15/20217/31/2020
Stock price on grant date$10.86 $7.23 
Dividend yield7.19 %6.87 %
Expected volatility49.81 %44.40 %
Risk-free interest rate0.29 %0.11 %
Target number of PSUs granted:
First vesting tranche103,511 136,462 
Second vesting tranche103,517 136,467 
207,028 272,929 
Calculated fair value per PSU$15.24 $6.76 
Total fair value of PSUs$3,155,107 $1,845,000 
The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were:
Grant date1/2/2018
Stock price$20.19 
Dividend yield4.95 %
Expected volatility25.70 %
Risk-free interest rate2.71 %
Number of Units granted:
One year vesting period171,988 
Three year vesting period84,099 
256,087 
Calculated fair value per Unit$16.66 
Total fair value of Units$4,266,409 
Target market threshold increase$5,660,580 

The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.25 for the 2018 awards.

For the 2018 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility assumption.

The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant date.

Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date.    
    Restricted Stock Units

The Company has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table:
Grant date3/15/20211/2/20201/2/20191/2/2018
Service period2021-20242020-20222019-20212018-2020
RSU activity:
Granted20,600 21,400 27,760 20,720 
Forfeited(2,200)(5,900)(8,861)(8,274)
RSUs outstanding at December 31, 2021
18,400 15,500 18,899 12,446 
RSUs unearned but vested— 5,188 12,683 12,446 
RSUs unearned and not yet vested18,400 10,312 6,216 — 
RSUs outstanding at December 31, 2021
18,400 15,500 18,899 12,446 
Fair value per RSU$10.69 $9.47 $10.77 $16.66 
Total fair value of RSU grant$220,214 $202,658 $298,975 $345,195 

The RSUs vest in three equal consecutive one-year tranches from the date of grant. For each grant prior to March 15, 2021, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested RSUs become earned RSUs and are settled in shares of Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested RSUs to qualify to become fully Earned RSUs. RSUs issued on March 15, 2021 may become vested subject only to satisfaction of the service requirement.

Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on the three successive anniversaries of the grant dates.
equity compensation expense [Table Text Block] quity compensation expense by award type for the Company was:
Years ended December 31, Unamortized expense as of December 31, 2021
(In thousands)202120202019
Class B Unit awards to employees:
2016$— $— $2 $— 
2017— 3 312 — 
2018— 244 277 — 
Restricted stock grants to Board members:
2018— — 120 — 
2019— 140 281 — 
2020177 355 — — 
2021284 — — 234 
Restricted stock grants for employees:
2020939 522 — 2,241 
2021510 — — 2,067 
Performance-based restricted stock units:
2020499 230 — 991 
2021729 — — 2,233 
Restricted stock units to employees:
2017— — 69 — 
2018(2)35 74 — 
201960 57 88 — 
202041 58 — 48 
202152 — — 145 
Total$3,289 $1,644 $1,223 $7,959 
ClassBUnitGrantsvaluationassumptions [Table Text Block]
The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were:
Grant date1/2/2018
Stock price$20.19 
Dividend yield4.95 %
Expected volatility25.70 %
Risk-free interest rate2.71 %
Number of Units granted:
One year vesting period171,988 
Three year vesting period84,099 
256,087 
Calculated fair value per Unit$16.66 
Total fair value of Units$4,266,409 
Target market threshold increase$5,660,580 
Performance Shares Schedule Of Percentile Rank
Level
Relative TSR performance (percentile rank versus peers)
Earned PSUs (% of target)
< Threshold
<35th Percentile
0%
Threshold
35th Percentile
50%
Target
55th Percentile
100%
Maximum
>=75th Percentile
200%