Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Components of Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020.

	For the Year Ended December 31,
(Amounts in thousands)	2022		2021		2020
Time-based units:
LTIP units	$	8,033	$	8,554	$	10,463
AOLTIP units		3,659		1,885		-
Performance-based LTIP units		6,106		7,023		7,499
Restricted stock		1,205		1,150		1,217
Stock options		-		-		60
Total stock-based compensation expense	$	19,003	$	18,612	$	19,239

Summary of Fair Value of AOLTIP Unit Estimated Using Option-Pricing Model

The fair value of the AOLTIP unit is estimated using an option-pricing model with the following weighted average assumptions for grants in the year ended December 31, 2022 and 2021.

	For the Year Ended December 31,
	2022	2021
Expected volatility	34.9%	34.0%
Expected life	4.8 years	4.8 years
Risk free interest rate	1.0%	0.6%
Expected dividend yield	3.0%	3.0%

Performance Programs [Member]

Summary of LTIP Unit and Restricted Stock Activity

The following table summarizes our LTIP unit activity granted under the Performance Programs for the year ended December 31, 2022.

	Units			Weighted-Average Grant-Date Fair Value (per unit)
Unvested as of December 31, 2021		4,099,887		$	5.57
Granted		1,778,524			8.08
Earned and Vested		-			-
Cancelled or expired		(1,570,609	)		5.89
Unvested as of December 31, 2022		4,307,802		$	6.49

Restricted Stock [Member]

Summary of LTIP Unit and Restricted Stock Activity

The table below summarizes our restricted stock activity for the year ended December 31, 2022.

	Shares			Weighted-Average Grant-Date Fair Value (per share)
Unvested as of December 31, 2021		230,546		$	10.44
Granted		147,957			9.19
Vested		(86,354	)		11.12
Cancelled or expired		(23,041	)		9.68
Unvested as of December 31, 2022		269,108		$	9.59

Employee Stock Option [Member]

Summary of Stock Option Activity

The following table summarizes our stock option activity for the year ended December 31, 2022.

	Shares			Weighted-Average Exercise Price (per share)		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2021		2,010,993		$	17.06
Granted		-			-
Exercised		-			-
Cancelled or expired		(18,000	)		17.50
Outstanding as of December 31, 2022		1,992,993		$	17.06		2.7	$	-
Options vested and expected to vest as of December 31, 2022		1,992,993		$	17.06		2.7	$	-
Options exercisable as of December 31, 2022		1,992,993		$	17.06		2.7	$	-

Long Term Incentive Plan [Member]

Summary of LTIP Unit and Restricted Stock Activity

The following table summarizes our LTIP unit activity for the year ended December 31, 2022.

	Units			Weighted-Average Grant-Date Fair Value (per unit)
Unvested as of December 31, 2021		2,040,736		$	10.40
Granted		732,015			8.38
Vested		(713,269	)		10.68
Cancelled or expired		(61,237	)		10.54
Unvested as of December 31, 2022		1,998,245		$	9.56

Appreciation Only Long Term Incentive Plan

Summary of Stock Option Activity

The following table summarizes our AOLTIP unit activity for the year ended December 31, 2022.

	Shares			Weighted-Average Exercise Price (per unit)		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2021		2,171,875		$	8.63
Granted		2,703,499			8.93
Exercised		(95,312	)		8.63
Cancelled or expired		(192,188	)		8.63
Outstanding as of December 31, 2022		4,587,874		$	8.80		5.6	$	-
AOLTIP units vested and expected to vest as of    December 31, 2022		4,409,076		$	8.80		5.6	$	-
AOLTIP units exercisable as of December 31, 2022		2,033,593		$	8.63		5.6	$	-