XML 31 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Share-Based Compensation
 6 Months Ended
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 PeriodTypePlanShares GrantedGrant Date Fair Value Per ShareVesting Type
2024Key Employees2015 Equity Incentive Plan205,540 $132.10 
(1)
Time Based
2024Executive Officers2015 Equity Incentive Plan31,800 $132.13 
(1)
Time Based
2024Executive Officers2015 Equity Incentive Plan41,400 $98.14 
(2)
Market Condition
(3)
2024Directors2004 Non-Employee Director Option Plan20,000 $129.47 
(1)
Time Based
(4)
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
(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 EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 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.