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Stock Incentive Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans STOCK INCENTIVE PLANS
2014 Incentive Plan
The 2014 Incentive Plan authorizes the Company to award shares equal to 7% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or 1,748,775 shares of common stock (the "Plan Pool"), for 2022, to its employees and directors. The 2014 Incentive Plan will continue until terminated by the Company's Board of Directors or March 31, 2024. As of December 31, 2022, the Company had issued a total of 1,280,548 restricted shares under the Incentive Pool for compensation-related awards to its employees and directors, with 468,227 authorized shares remaining which had not been issued. Shares issued under
the 2014 Incentive Plan are generally subject to long-term, fixed vesting periods of 3 to 8 years. If an employee or director voluntarily terminates his or her relationship with the Company or is terminated for cause before the end of the vesting period, the shares are forfeited, at no cost to the Company. Once the shares have been granted, the recipient of the shares has the right to receive dividends and the right to vote the shares.

Alignment of Interest Program
The Second Amended and Restated Alignment of Interest Program (the “Alignment of Interest Program”) authorizes the Company to issue 1,000,000 shares of the Company’s common stock to its employees and directors in lieu of the employee's or director's cash compensation (the "Program Pool"), at their election. As of December 31, 2022, the Company had issued a total of 526,574 restricted shares under the Program Pool in lieu of cash compensation to its employees and directors, with 473,426 authorized shares remaining which had not been issued.

The Company's Alignment of Interest Program is designed to provide the Company's employees and directors with an incentive to remain with the Company and to incentivize long-term growth and profitability. Under the Alignment of Interest Program, employees may elect to defer up to 100% of their base salary and other compensation and directors may elect to defer up to 100% of their director fees, subject to the 2014 Incentive Plan's long-term, fixed vesting periods. The number of shares granted will be increased through a Company match depending on the length of the vesting period selected by the employee or director. Employees may select vesting periods of 3 years, 5 years, or 8 years, with a 30%, 50%, and 100% Company match, respectively. Directors may select vesting periods of 1 year, 2 years, or 3 years, with a 20%, 40%, or 60% Company match, respectively.

Officer Incentive Programs
The Company has a Second Amended and Restated Executive Officer Incentive Program and an Amended and Restated Non-Executive Officer Incentive Program (the "Officer Incentive Programs") under the Incentive Plan which are designed to provide incentives to the Company's officers that are designed to reward its officers for individual, as well as Company performance in the form of cash or restricted stock. Company performance will be based on performance targets, which may include targets such as funds from operations ("FFO"), dividend payout percentages, as well as the Company's relative total stockholder return performance over three-year and five-year periods, measured against the Company's peer group, as determined by the Company's Board of Directors each year. The officers may elect, in the year prior to an award, to receive awards under the Officer Incentive Programs in cash or restricted stock, as allowed within the applicable Officer Incentive Programs, as well as a vesting period as discussed under the Alignment of Interest Program above. Shares of common stock issued under the Officer Incentive Programs are issued under either the Plan Pool or Program Pool.
Summary
A summary of the activity under the Incentive Plan and related information for the years ended December 31, 2022, 2021, and 2020 is included in the table below.
Year Ended December 31,
(dollars in thousands, except per share amounts)202220212020
Stock-based awards, beginning of year1,416 1,164 910 
   Stock in lieu of compensation116 96 92 
   Stock awards202 177 178 
Total Granted318 273 270 
Vested(22)(20)(16)
Forfeited(4)(1)— 
Stock-based awards, end of year1,708 1,416 1,164 
Weighted average grant date fair value, per share, of:
   Stock-based awards, beginning of year$33.89 $31.04 $26.75 
   Stock-based awards granted during the year$41.45 $48.48 $45.83 
   Stock-based awards vested during the year $23.54 $26.52 $25.13 
   Stock-based awards forfeited during the year$41.87 $49.81 $— 
   Stock-based awards, end of year$37.43 $33.89 $31.04 
Grant date fair value of shares granted during the year$13,232 $13,251 $12,398 

The Company had nonvested stock-based compensation that had not yet been recognized of approximately $33.7 million and $30.2 million, respectively, at December 31, 2022 and 2021. The vesting periods for the non-vested shares granted during 2022 ranged from 3 to 8 years with a weighted-average amortization period remaining as of December 31, 2022 of approximately 7.0 years. Compensation expense recognized during the years ended December 31, 2022, 2021, and 2020 from the amortization of the value of shares over the vesting period was approximately $9.4 million, $7.2 million and $4.8 million, respectively, which are included in general and administrative expenses on the consolidated statements of income.

401(k) Plan
The Company maintains a 401(k) plan that allows eligible employees to defer salary, subject to certain limitations imposed by the Internal Revenue Code. The Company provides a matching contribution of up to 3.5% of each eligible employee’s salary, subject to certain limitations. The Company’s matching contributions were approximately $0.1 million for each of the years ended December 31, 2022, 2021 and 2020.