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Share-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-Based Compensation
10. Share-Based Compensation

As of June 30, 2023, we had two share-based compensation plans: the Sun Communities, Inc. first amended 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years.

During the six months ended June 30, 2023 and 2022, shares were granted as follows:

Grant PeriodTypePlanShares GrantedGrant Date Fair Value Per ShareVesting Type
2023Key Employees2015 Equity Incentive Plan220,558 $137.15 
(1)
Time Based
2023Executive Officers2015 Equity Incentive Plan62,800 $144.88 
(1)
Time Based
2023Executive Officers2015 Equity Incentive Plan82,200 $108.60 
(2)
Market Condition
(3)
2023Directors2004 Non-Employee Director Option Plan16,000 $148.12 
(1)
Time Based
2022Key Employees2015 Equity Incentive Plan194,260 $180.33 
(1)
Time Based
2022Executive Officers2015 Equity Incentive Plan66,000 $178.20 
(1)
Time Based
2022Executive Officers2015 Equity Incentive Plan91,500 $124.88 
(2)
Market Condition
(3)
2022Directors2004 Non-Employee Director Option Plan11,900 $197.00 
(1)
Time Based
(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.
(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.
(3)Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value.

The vesting requirements for 223,529 and 250,308 restricted shares granted to our executives, directors and employees were satisfied during the six months ended June 30, 2023 and 2022, respectively.

We capitalize a portion of share-based compensation costs for employees who work directly on construction and development of our communities. We recognized the following share-based compensation costs (in millions):

Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Share-based compensation - expensed(1)
$9.9 $9.2 $19.5 $18.9 
Share-based compensation - capitalized(2)
$0.6 $— $1.3 $— 
(1) Recorded within General and Administrative Expense on the Consolidated Income Statements.
(2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.