Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Award and Performance Award Activity

The following table summarizes the status of the restricted stock award and performance award activity for the year ended December 31, 2023:

	Shares	Weighted Average Share Price
Unvested balance at December 31, 2022	573,609	$	20.63
Granted:
RSAs	166,122	22.41
Board Awards	24,768	19.38
Vested	(185,767)	20.94
Forfeited	(68,136)	20.85
Unvested balance at December 31, 2023	510,596	$	21.01

Schedule of Award Grants

The following table summarizes the Company’s RSAs and Board Awards grants during the year ended December 31, 2023 (dollars in thousands, except per share amounts):

	Grants					Vested
	Shares	Weighted Average Share Price		Grant Date Fair Value		Shares	Vest Date Fair Value
During year ended December 31, 2023(1)
RSAs	166,122	$	22.41	$	3,722	138,438	$	2,855
PSAs	—	—		—		21,337	438
Board Awards	24,768	19.38		480		25,992	504

(1)The Compensation Committee granted annual awards for 2024 in December 2023.

The following table summarizes the Company’s RSA, PSA and Board Award grants during the years ended December 31, 2022 and 2021 (dollars in thousands, except per share amounts):

	Grants
	Shares	Weighted Average Share Price		Grant Date Fair Value
During year ended December 31, 2022(1)
RSAs	159,663	$	19.56	$	3,123
Board Awards	25,992	16.93		440
During year ended December 31, 2021(2)
RSAs	394,863	$	21.92	$	8,654
PSAs	108,414	22.48		2,437
Board Awards	20,266	24.18		490

(1)The Compensation Committee granted annual awards for 2023 in December 2022.

(2)In 2021, the Compensation Committee changed the structure of the grants that resulted in two long-term equity incentive awards being granted to the Company’s named executive officers in 2021. The Compensation Committee also granted annual awards for 2022 in December 2021.

Schedule of Key Valuation Assumptions Used in Valuation

The fair value of the TSR Units is estimated on the date of the grant using a Monte Carlo valuation model. The risk-free rate is based on the U.S. Treasury yield curve in effect at the grant date for the expected performance period. Expected volatility is based on historical volatility for the most recent weighted average period ending on the grant date for the Company and the selected TSR peer group, and is calculated on a daily basis. The following table reflects the weighted-average key assumptions used in this valuation for awards granted during the years ended December 31, 2023, 2022 and 2021:

	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Risk-free interest rate	4.08		%	3.91		%	0.60		%
Expected stock price volatility	26.44		%	52.90		%	52.42		%
Expected service period	3.04 years			3.04 years			2.93 years
Expected dividend yield (assuming full reinvestment)	—		%	—		%	—		%
Fair value per share at date of grant	$	27.41		$	26.53		$	29.10

Schedule of Stock-Based Compensation Expense

The following table summarizes the stock-based compensation expense recognized (dollars in thousands):

	For Year Ended December 31,
	2023		2022		2021
Stock-based compensation expense	$	5,153	$	5,758	$	10,832