EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

The following table summarizes time-based restricted stock activity under our Equity Plan for 2024, 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
Granted	735,462	6.49
Vested	(369,312)	9.24
Forfeited	(75,040)	7.26
Non-vested December 31, 2024	1,152,823	$	7.28	$	7,897

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2024, 2023 and 2022:


	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
Granted	507,406	7.41

Forfeited	(323,930)	14.05
Non-vested December 31, 2024	1,239,748	$	9.53	$	8,492

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 Years Ended December 31,
	2024			2023			2022
Expected dividend yield	4.86		%	3.90		%	3.52		%
Expected stock price volatility	37.2		%	67.6		%	65.4		%
Risk-free interest rate	4.21		%	4.66		%	1.77		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.41		$	10.08		$	12.26

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 Years Ended December 31,
	2024		2023		2022
Time-based restricted stock	$	3,424	$	3,260	$	2,860
Performance-based restricted stock	3,941		3,727		4,784
Director stock	767		755		802
	$	8,132	$	7,742	$	8,446

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 $9.5 million at December 31, 2024 as follows (in thousands):


	Total		2025		2026		2027
Time-based restricted stock	$	4,859	$	2,731	$	1,700	$	428
Performance-based restricted stock	4,652		2,907		1,515		230
	$	9,511	$	5,638	$	3,215	$	658