SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

Incentive Plan	2022 Plan		2020 Plan	2018 Plan
Maximum shares	1,000,000		1,000,000	600,000
Restricted shares issued	(163,914)		(475,747)	(459,495)
RSUs issued	(427,459)		(210,375)	—
Restricted shares and RSUs forfeited	2,861		2,303	1,000
Expired shares	—		(316,181)	(141,505)
Remaining shares available to be issued	411,488	(1)	—	—

(1) Excludes 166,439 shares of restricted shares issued in January 2024.

The tables below presents activity and changes in the number of RSUs under the Company's equity incentive plans, compensation expense and unearned compensation for the periods indicated (dollars in thousands):

	Year Ended December 31,
	2023		2022
RSUs:
Unvested units at beginning of year	420,739		210,375
Grants - TSR Awards	95,550		94,431
Grants - TSR Peer group adjustment	23,890		23,608
Grants - AFFO Awards	95,550		94,431
Total RSUs granted in applicable year	214,990		212,470
Forfeitures	(1,239)		(2,106)
Total unvested RSUs at end of year	634,490		420,739
Amounts charged to compensation expense	$	1,408	$	1,508
Unearned compensation at period end	$	1,999	$	4,269

Schedule of Changes in Number of Shares Outstanding Under Equity Incentive Plans

The tables below presents information regarding the changes in the number of shares of restricted stock outstanding under the Company's equity incentive plans, compensation expense and unearned compensation for the periods indicated (dollars in thousands):

	Year Ended December 31,
Restricted Stock Grants:	2023		2022
Unvested at beginning of the year	934,092		922,619
Grants	163,914		158,973
Forfeitures	(1,670)		(250)
Vested during the year	(144,497)		(147,250)
Unvested at the end of the year	951,839		934,092
Amounts charged to compensation expense	$	3,360	$	2,978
Unearned compensation at period end	$	7,484	$	7,728

Schedule of Share-Based Payment Award, Valuation Assumptions

For these TSR awards, the per unit of share fair value was estimated using the following assumptions:

Award Year	Expected Life ( yrs)	Dividend Rate	Risk-Free Interest Rate			Expected Price Volatility
2023	3	5.08%	4.42%	to	5.28%	28.99%	to	37.97%
2022	3	4.57%	2.23%	to	3.11%	35.60%	to	47.40%

Schedule of Compensation Expense Recorded for All Incentive Plans

The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands):

	Year Ended December 31,
	2023		2022
Restricted stock	$	3,360	$	2,978
RSUs	1,408		1,508
Total compensation	$	4,768	$	4,486

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands):

	Year Ended December 31,
	2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	4,015	$	50,099
Deduct (earnings) attributable to non-controlling interests	(142)		(144)
Deduct (earnings) allocated to unvested restricted stock	(953)		(2,472)
Net income available for common stockholders: basic and diluted	$	2,920	$	47,483
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	17,918,270		17,793,035
Effect of dilutive securities:
RSUs	30,006		59,916
Denominator for diluted earnings per share:
Weighted average number of shares	17,948,276		17,852,951
Earnings per common share, basic	$	0.16	$	2.67
Earnings per common share, diluted	$	0.16	$	2.66