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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-Based Compensation | 11. Share-Based Compensation As of June 30, 2024, we had two share-based compensation plans: the Sun Communities, Inc. 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, 2024 and 2023, shares were granted as follows:
Grant Period |  | Type |  | Plan |  | Shares Granted |  | Grant Date Fair Value Per Share |  | Vesting Type |  |  |  |
2024 |  | Key Employees |  | 2015 Equity Incentive Plan |  | 205,540 |  |  | $ | 132.10 |  | (1) | Time Based |  |
2024 |  | Executive Officers |  | 2015 Equity Incentive Plan |  | 31,800 |  |  | $ | 132.13 |  | (1) | Time Based |  |
2024 |  | Executive Officers |  | 2015 Equity Incentive Plan |  | 41,400 |  |  | $ | 98.14 |  | (2) | Market Condition | (3) |  |  |
2024 |  | Directors |  | 2004 Non-Employee Director Option Plan |  | 20,000 |  |  | $ | 129.47 |  | (1) | Time Based | (4) |  |  |
2023 |  | Key Employees |  | 2015 Equity Incentive Plan |  | 220,558 |  |  | $ | 137.15 |  | (1) | Time Based |  |
2023 |  | Executive Officers |  | 2015 Equity Incentive Plan |  | 62,800 |  |  | $ | 144.88 |  | (1) | Time Based |  |
2023 |  | Executive Officers |  | 2015 Equity Incentive Plan |  | 82,200 |  |  | $ | 108.60 |  | (2) | Market Condition | (3) |  |  |
2023 |  | Directors |  | 2004 Non-Employee Director Option Plan |  | 16,000 |  |  | $ | 148.12 |  | (1) | Time Based | (5) |  |  |
(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. (4)Includes 6,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan and are issuable on future dates. (5)Includes 2,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan and are issuable on future dates. The vesting requirements for 195,934 and 223,529 restricted shares granted to our executives, directors and employees were satisfied during the six months ended June 30, 2024 and 2023, respectively. We recognized the following share-based compensation costs (in millions):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Share-based compensation - expensed(1) |  | $ | 10.1 |  |  | $ | 9.9 |  |  | $ | 20.2 |  |  | $ | 19.5 |
(1) Recorded within General and administrative expense on the Consolidated Income Statements.

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