Share-Based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement

Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):

	Year Ended December 31,
	2021		2020		2019
Compensation expense	$	854	$	643	$	478

Share-based Compensation, Activity

The following table presents restricted stock unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Restricted stock unit awards at January 1, 2019	13,733	$	43.00
Granted (2)	14,376	$	34.00
Vested	(7,188)	$	41.90
Forfeited	(2,139)	$	38.42
Restricted stock unit awards at December 31, 2019	18,782	$	37.05
Granted (3)	20,346	$	24.85
Vested	(9,578)	$	36.36
Forfeited	(2,060)	$	30.07
Restricted stock unit awards at December 31, 2020	27,490	$	28.64
Granted (4)	26,369	$	29.70
Vested	(14,244)	$	30.20
Forfeited	(1,350)	$	28.92
Restricted stock unit awards at December 31, 2021	38,265	$	28.78

____________________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of restricted stock unit awards issued during 2019 was $0.5 million based on a grant date market price of our common shares of $34.00 per share.

(3)The aggregate grant date fair value of restricted stock unit awards issued during 2020 was $0.5 million based on grant date market prices of our common shares ranging from $24.77 to $26.23 per share.

(4)The aggregate grant date fair value of restricted stock unit awards issued during 2021 was $0.8 million based on grant date market prices of our common shares ranging from $29.70 to $30.00 per share.

The following table presents performance share unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Performance share unit awards at January 1, 2019	3,966	$	43.00
Granted (2)	8,094	$	34.00
Performance factor decrease (3)	(7,312)	$	34.23
Vested	(416)	$	43.00
Forfeited	(1,545)	$	37.37
Performance share unit awards at December 31, 2019	2,787	$	43.00
Granted (4)	10,781	$	24.92
Performance factor increase (3)	3,981	$	24.92
Vested	(713)	$	28.55
Forfeited	(595)	$	30.22
Performance share unit awards at December 31, 2020	16,241	$	27.67
Granted (5)	12,205	$	29.70
Performance factor decrease (3)	(4,493)	$	29.70
Vested	(2,461)	$	43.00
Forfeited	—	$	—
Performance share unit awards at December 31, 2021	21,492	$	26.64

____________________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of performance share unit awards issued during 2019 was $0.3 million based on a grant date market price of our common shares of $34.00 per share and assuming a performance factor of 100 percent.

(3)The performance factor for awards granted in 2019 was lowered to 0 percent based on a comparison of actual results for 2019 to performance goals. The performance factor for awards granted in 2020 was increased to 138.5 percent based upon a comparison of actual results for 2020 to performance goals. The performance factor for awards granted in 2021 decreased to 63.1 percent based upon a comparison of actual results for 2021 to performance goals.

(4)The aggregate grant date fair value of performance share unit awards issued during 2020 was $0.2 million based on grant date market prices of our common shares ranging from $24.77 to $26.23 per share and assuming a performance factor of 100 percent.

(5)The aggregate grant date fair value of performance share unit awards issued during 2021 was $0.4 million based on a grant date market price of our common shares of $29.70 per share and assuming a performance factor of 100 percent.