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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefit Plans

Schedule of grants of share-based awards

The following grants of share-based awards were made in 2024 under the 2005 Incentive Plan:


						Grant Date
						Fair Value
Date of Grant		Award Type		Shares/Units		Per Share/Unit			Vesting Period/Vesting Date
January 1, 2024 ⁽¹⁾		RSU		375,730		$	10.28		33% per year over three years
January 1, 2024 ⁽¹⁾		PSU		351,410		$	12.30		100% on December 31, 2026
January 1, 2024 ⁽²⁾		Restricted stock		5,776		$	10.28		100% on January 1, 2026
April 1, 2024 ⁽²⁾		Restricted stock		2,595		$	10.84		100% on January 1, 2026
July 1, 2024 ⁽²⁾		Restricted stock		2,356		$	11.94		100% on January 1, 2026
October 1, 2024 ⁽²⁾		Restricted stock		2,534		$	11.10		100% on January 1, 2026
December 11, 2024 ⁽²⁾		Restricted stock		89,286		$	10.08		100% on December 11, 2025

(1)	Reflects grants to certain officers including our executive officers.

(2)	Reflects grants to certain independent members of our Board.

Summary of information about restricted stock

The following table summarizes information about our restricted stock:


		Year Ended December 31,
		2024					2023					2022
				Grant Date					Grant Date					Grant Date
		Shares		Fair Value ⁽¹⁾			Shares		Fair Value ⁽¹⁾			Shares		Fair Value ⁽¹⁾
Awards outstanding at beginning of year		193,129		$	7.52		387,628		$	6.70		853,726		$	5.62
Granted		102,547			10.18		148,224			8.68		253,358			5.33
Vested ⁽²⁾		(146,947)			7.25		(342,723)			7.10		(719,456)			4.94
Forfeited		(34,398)			8.70		—			—		—			—
Awards outstanding at end of year		114,331		$	9.90		193,129		$	7.52		387,628		$	6.70

(1)	Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant.

(2)	During the years ended December 31, 2024, 2023 and 2022, total fair value of vested restricted stock was $1.5 million, $2.9 million and $2.9 million, respectively.

Summary of information about PSU awards

The following table summarizes information about our PSU awards:


		Year Ended December 31,
		2024					2023					2022
				Grant Date					Grant Date					Grant Date
		Units		Fair Value ⁽¹⁾			Units		Fair Value ⁽¹⁾			Units		Fair Value ⁽¹⁾
PSU awards outstanding at beginning of year		2,007,584		$	5.71		1,888,024		$	6.25		1,381,469		$	8.34
Granted		351,410			12.30		489,498			9.26		1,065,705			4.25
Vested ⁽²⁾		(452,381)			5.33		(369,938)			13.15		(559,150)			7.60
PSU awards outstanding at end of year		1,906,613		$	7.01		2,007,584		$	5.71		1,888,024		$	6.25

(1)	Represents the weighted average grant date fair value.

(2)	During the years ended December 31, 2024, 2023 and 2022, our 2021, 2020 and 2019 PSU awards vested at 818,812 shares, 285,778 shares and 876,469 shares, respectively, of our common stock with a total market value of $8.4 million, $3.6 million and $3.2 million, respectively.

Summary of information about RSU awards

The following table summarizes information about our RSU awards:


		Year Ended December 31,
		2024					2023					2022
				Grant Date					Grant Date					Grant Date
		Units		Fair Value ⁽¹⁾			Units		Fair Value ⁽¹⁾			Units		Fair Value ⁽¹⁾
RSU awards outstanding at beginning of year		1,367,702		$	4.82		1,367,294		$	3.36		452,381		$	4.20
Granted		375,730			10.28		506,436			7.38		1,065,705			3.12
Vested		(674,840)			4.43		(506,028)			3.44		(150,792)			4.20
RSU awards outstanding at end of year		1,068,592		$	6.98		1,367,702		$	4.82		1,367,294		$	3.36

(1)	Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant.