EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes time-based restricted stock activity under our Equity Plan for 2023 and 2022:

 

	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
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
Granted	449,148	7.71
Vested	(238,883)	8.04
Forfeited	(3,356)	8.20
Non-vested December 31, 2023	861,713	$	8.79	$	5,791

The following table summarizes performance-based restricted stock activity under our Equity Plan:

 

	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
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
Granted	425,907	10.08
Vested	(239,416)	9.38
Forfeited	(137,193)	9.38
Non-vested December 31, 2023	1,056,272	$	11.93	$	7,098

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:

 

	For the Year Ended December 31,
	2023			2022			2021
Expected dividend yield	3.90		%	3.52		%	—		%
Expected stock price volatility	67.6		%	65.4		%	63.7		%
Risk-free interest rate	4.66		%	1.77		%	0.34		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	10.08		$	12.26		$	14.05

Schedule of Equity-based Compensation Expense

Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands):

 

	For the Year Ended December 31,
	2023		2022		2021
Time-based restricted stock	$	3,260	$	2,860	$	4,784
Performance-based restricted stock	3,727		4,784		5,314
Director stock	755		802		583
	$	7,742	$	8,446	$	10,681

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 $8.9 million at December 31, 2023 as follows (in thousands):

 

	Total		2024		2025		2026
Time-based restricted stock	$	4,077	$	2,536	$	1,334	$	207
Performance-based restricted stock	4,831		2,914		1,654		263
	$	8,908	$	5,450	$	2,988	$	470