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Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Under the Plan

Information with respect to restricted stock under the Plan for the nine months ended September 30, 2024 and 2023 is as follows:

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Restricted stock outstanding as of January 1,

 

 

2,746,116

 

 

 

2,632,340

 

Granted (1)

 

 

872,150

 

 

 

893,880

 

Vested

 

 

(762,784

)

 

 

(761,154

)

Forfeited

 

 

(23,464

)

 

 

(11,978

)

Restricted stock outstanding as of September 30,

 

 

2,832,018

 

 

 

2,753,088

 

 

(1)
The weighted-average grant date fair value for restricted stock issued during the nine months ended September 30, 2024 and 2023 was $19.47 and $21.30, respectively.
Summary of Performance Share Awards Under the Plan

Information with respect to performance share awards under the Plan for the nine months ended September 30, 2024 and 2023 is as follows:

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Performance share awards outstanding as of January 1,

 

 

989,860

 

 

 

1,004,040

 

Granted (1)

 

 

377,690

 

 

 

531,200

 

Vested (2)

 

 

(458,660

)

 

 

(545,380

)

Performance share awards outstanding as of September 30,

 

 

908,890

 

 

 

989,860

 

 

(1)
The weighted-average grant date fair value for performance shares issued during the nine months ended September 30, 2024 and 2023 was $18.14 and $42.61, respectively.
(2)
For the nine months ended September 30, 2024 and 2023, the corresponding common stock equivalent of these vested awards was 970,232 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 significant assumptions underlying the determination of fair values using Monte Carlo simulations for these performance awards granted during 2024 and 2023 were as follows:

 

 

2024

 

 

2023

 

Stock price

 

 

19.53

 

 

 

21.30

 

Dividend yield (1)

 

 

-

 

 

 

-

 

Risk-free interest rate

 

 

4.39

%

 

 

4.38

%

Volatility (2)

 

 

28.85

%

 

 

44.89

%

Term of the award (years)

 

 

2.87

 

 

 

2.87

 

 

(1)
Total Shareholder Returns, 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 the nine months ended September 30, 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 Returns, 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.