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Share and Unit-based Plans (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Activity of Non-vested Stock Units The following table summarizes the activity of non-vested stock units during the years ended December 31, 2021, 2020 and 2019:
 202120202019
 UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance at beginning of year309,845 $21.47 199,987 $43.59 129,457 $64.21 
Granted169,112 14.61 253,184 14.14 160,932 37.44 
Vested(211,465)19.03 (140,224)39.53 (85,157)62.84 
Forfeited(987)22.12 (3,102)32.62 (5,245)51.48 
Balance at end of year266,505 $19.05 309,845 $21.47 199,987 $43.59 
Schedule of LTIP Units Granted The Company has granted the following LTIP units during the years ended December 31, 2021, 2020 and 2019:
Grant DateUnitsTypeFair Value per LTIP UnitVest Date
1/1/201981,732 Service-based$43.28 12/31/2021
1/1/2019250,852 Market-indexed$29.25 12/31/2021
9/1/20194,393 Service-based$28.53 8/31/2022
9/1/20196,454 Market-indexed$19.42 8/31/2022
343,431 
1/1/2020154,158 Service-based$26.92 12/31/2022
1/1/2020321,940 Market-indexed$27.80 12/31/2022
3/1/202039,176 Service-based$20.42 2/28/2023
3/1/202037,592 Market-indexed$21.28 2/28/2023
552,866 
1/1/2021576,378 Service-based$10.67 12/31/2023
1/1/20211,005,073 Performance-based$9.85 12/31/2023
1,581,451 
Schedule LTIP Units Valuation Assumptions
The fair value of the market-indexed LTIP Units and performance-based LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions:

Grant DateRisk Free Interest RateExpected Volatility
1/1/20192.46 %23.52 %
9/1/20191.42 %24.91 %
1/1/20201.62 %26.08 %
3/1/20200.85 %28.34 %
1/1/20210.17 %62.82 %
Summary of Activity of Stock Options The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2021, 2020 and 2019:
 202120202019
 UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
UnitsWeighted
Average
Grant Date
Fair Value
Balance at beginning of year784,052 $28.11 616,219 $39.04 661,578 $48.38 
Granted1,581,451 10.15 552,866 26.59 343,431 32.40 
Vested(286,373)17.62 (102,884)40.19 (76,306)59.27 
Forfeited(241,439)29.25 (282,149)44.28 (312,484)46.55 
Balance at end of year1,837,691 $14.14 784,052 $28.11 616,219 $39.04 
The following table summarizes the activity of stock options for the years ended December 31, 2021, 2020 and 2019:
 202120202019
 OptionsWeighted
Average
Exercise
Price
OptionsWeighted
Average
Exercise
Price
OptionsWeighted
Average
Exercise
Price
Balance at beginning of year37,515 $54.34 35,565 $57.32 35,565 $57.32 
Granted(1)— — 1,950 — — — 
Balance at end of year37,515 $54.34 37,515 $54.34 35,565 $57.32 

(1)Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14–Stockholders' Equity).
Summary of Activity of Non-vested Phantom Stock Units The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2021, 2020 and 2019:
 202120202019
 Stock UnitsWeighted
Average
Grant Date
Fair Value
Stock UnitsWeighted
Average
Grant Date
Fair Value
Stock UnitsWeighted
Average
Grant Date
Fair Value
Balance at beginning of year4,662 $35.35 7,216 $43.29 — $— 
Granted17,554 12.09 24,576 17.11 23,690 40.26 
Vested(22,216)16.97 (27,130)20.94 (16,474)38.94 
Forfeited— — — — — — 
Balance at end of year— $— 4,662 $35.35 7,216 $43.29 
Compensation Cost Under the Share and Unit-based Plans
The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2021, 2020 and 2019:
        
202120202019
Stock units$3,173 $4,159 $4,598 
LTIP units14,448 13,339 11,372 
Stock options— — 51 
Phantom stock units377 568 702 
$17,998 $18,066 $16,723