Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options Outstanding Under the Plan

Information with respect to stock options outstanding under the 2010 Plan for the years ended December 31, 2023 and 2022 are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2022		488,755		$	21.48	$	1.5
Exercised		(205,871	)	$	20.56	$	0.8
Forfeited		(750	)	$	19.70
Options outstanding, December 31, 2022		282,134		$	22.13	$	-
Exercised		(173,038	)	$	21.54	$	0.1
Forfeited		(109,096	)	$	21.61
Options outstanding, December 31, 2023		-		$	-	$	-
Options exercisable (fully vested)
December 31, 2022		282,134		$	22.13	$	-
December 31, 2023		-		$	-	$	-

Summary of Restricted Stock Under the Plan

Information with respect to restricted stock under the Plan for the years ended December 31, 2024, 2023 and 2022 is as follows:

	2024			2023			2022
Restricted stock outstanding as of January 1,		2,746,116			2,605,970			2,347,608
Granted (1)		872,150			893,880			819,090
Vested		(848,930	)		(740,866	)		(511,772	)
Forfeited		(23,452	)		(12,868	)		(48,956	)
Restricted stock outstanding as of December 31,		2,745,884			2,746,116			2,605,970

(1)The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2024, 2023 and 2022 were $19.47, $21.30 and $24.27, respectively.

Summary of Performance Share Awards Under the Plan

Information with respect to performance share awards under the Plan for the years ended December 31, 2024, 2023 and 2022 is as follows:

	2024			2023			2022
Performance share awards outstanding as of January 1,		989,860			1,004,040			1,052,100
Granted (1)		377,690			531,200			458,660
Vested (2)		(458,660	)		(545,380	)		(506,720	)
Performance share awards outstanding as of December 31,		908,890			989,860			1,004,040

(1)The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2024, 2023 and 2022 were $18.14, $42.61 and $31.19, respectively.

(2)For the years ended December 31, 2024, 2023 and 2022, the corresponding common stock equivalent of these vested awards were 465,540, 970,231 and 998,238 shares, respectively.

Performance Shares [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Aggregate Grant-date Fair Value of Using Monte Carlo Simulations Based on Significant Assumptions

The more significant assumptions underlying the determination of fair values for these performance awards granted during 2024, 2023 and 2022 were as follows:

	2024			2023			2022
Stock price	$	19.53		$	21.30		$	24.27
Dividend yield (1)		-			-			-
Risk-free rate		4.39	%		4.38	%		1.72	%
Volatility (2)		28.85	%		44.89	%		49.07	%
Term of the award (years)		2.87			2.87			2.87

(1)Total Shareholder Return, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

(2)Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

Performance Based LTIP Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Aggregate Grant-date Fair Value of Using Monte Carlo Simulations Based on Significant Assumptions

The aggregate grant-date fair value of the Performance-Based LTIP Units for 2024 was $3.7 million, valued using Monte Carlo simulations based on the following significant assumptions:

	2024
Stock price		19.53
Dividend yield (1)		-
Risk-free interest rate		4.39	%
Volatility (2)		28.85	%
Term of the award (years)		2.87

(1)Total Shareholder Return, as used in the Performance-Based LTIP Unit computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

(2)Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.