EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes time-based restricted stock activity under our Equity Plan for 2022 and 2021:

 

	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
Non-vested December 31, 2020	573,577	$	10.18
Granted	536,980	10.27
Vested	(503,914)	10.51
Forfeited	(1,173)	9.98
Non-vested December 31, 2021	605,470	9.98
Granted	316,643	9.83
Vested	(259,037)	10.14
Forfeited	(8,272)	10.01
Non-vested December 31, 2022	654,804	$	9.85	$	4,728

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2022 and 2021:

 

	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
Non-vested December 31, 2020	922,239	$	11.65
Granted	323,930	14.05
Vested	(182,480)	13.73
Forfeited	(60,823)	13.73
Non-vested December 31, 2021	1,002,866	11.92
Granted	418,728	12.26
Vested	(414,620)	12.81
Non-vested December 31, 2022	1,006,974	$	11.76	$	7,270

Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted

The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:

 

	2022			2021			2020
Expected dividend yield	3.52		%	—		%	8.16		%
Expected stock price volatility	65.4		%	63.7		%	23.7		%
Risk-free interest rate	1.77		%	0.34		%	0.53		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	12.26		$	14.05		$	9.38

Schedule of Equity-based Compensation Expense

Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands):

 

	2022		2021		2020
Time-based restricted stock	$	2,860	$	4,784	$	2,470
Performance-based restricted stock	4,784		5,314		3,559
Director stock	802		583		447
	$	8,446	$	10,681	$	6,476

Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards

Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.2 million at December 31, 2022 as follows (in thousands):

 

	Total		2023		2024		2025
Time-based restricted stock	$	3,960	$	2,315	$	1,435	$	210
Performance-based restricted stock	4,268		2,559		1,483		226
	$	8,228	$	4,874	$	2,918	$	436