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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Options Outstanding Under the Plan | Information with respect to stock options outstanding under the 2010 Plan for the years ended December 31, 2023 and 2022 are as follows:
|  | Shares |  |  | Weighted-Average Exercise Price Per Share |  |  | Aggregate Intrinsic Value (in millions) |
Options outstanding, January 1, 2022 |  |  | 488,755 |  |  | $ | 21.48 |  |  | $ | 1.5 |
Exercised |  |  | (205,871 | ) |  | $ | 20.56 |  |  | $ | 0.8 |
Forfeited |  |  | (750 | ) |  | $ | 19.70 |  |  |  |
Options outstanding, December 31, 2022 |  |  | 282,134 |  |  | $ | 22.13 |  |  | $ | - |
Exercised |  |  | (173,038 | ) |  | $ | 21.54 |  |  | $ | 0.1 |
Forfeited |  |  | (109,096 | ) |  | $ | 21.61 |  |  |  |
Options outstanding, December 31, 2023 |  |  | - |  |  | $ | - |  |  | $ | - |
Options exercisable (fully vested) |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  | 282,134 |  |  | $ | 22.13 |  |  | $ | - |
December 31, 2023 |  |  | - |  |  | $ | - |  |  | $ | - |
Summary of Restricted Stock Under the Plan | Information with respect to restricted stock under the Plan for the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Restricted stock outstanding as of January 1, |  |  | 2,746,116 |  |  |  | 2,605,970 |  |  |  | 2,347,608 |
Granted (1) |  |  | 872,150 |  |  |  | 893,880 |  |  |  | 819,090 |
Vested |  |  | (848,930 | ) |  |  | (740,866 | ) |  |  | (511,772 | )
Forfeited |  |  | (23,452 | ) |  |  | (12,868 | ) |  |  | (48,956 | )
Restricted stock outstanding as of December 31, |  |  | 2,745,884 |  |  |  | 2,746,116 |  |  |  | 2,605,970 |
(1) The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2024, 2023 and 2022 were $19.47, $21.30 and $24.27, respectively.
Summary of Performance Share Awards Under the Plan | Information with respect to performance share awards under the Plan for the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Performance share awards outstanding as of January 1, |  |  | 989,860 |  |  |  | 1,004,040 |  |  |  | 1,052,100 |
Granted (1) |  |  | 377,690 |  |  |  | 531,200 |  |  |  | 458,660 |
Vested (2) |  |  | (458,660 | ) |  |  | (545,380 | ) |  |  | (506,720 | )
Performance share awards outstanding as of December 31, |  |  | 908,890 |  |  |  | 989,860 |  |  |  | 1,004,040 |
(1) The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2024, 2023 and 2022 were $18.14, $42.61 and $31.19, respectively. (2) For the years ended December 31, 2024, 2023 and 2022, the corresponding common stock equivalent of these vested awards were 465,540, 970,231 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 more significant assumptions underlying the determination of fair values for these performance awards granted during 2024, 2023 and 2022 were as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Stock price |  | $ | 19.53 |  |  | $ | 21.30 |  |  | $ | 24.27 |
Dividend yield (1) |  |  | - |  |  |  | - |  |  |  | - |
Risk-free rate |  |  | 4.39 | % |  |  | 4.38 | % |  |  | 1.72 | %
Volatility (2) |  |  | 28.85 | % |  |  | 44.89 | % |  |  | 49.07 | %
Term of the award (years) |  |  | 2.87 |  |  |  | 2.87 |  |  |  | 2.87 |
(1) Total Shareholder Return, 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 2024 w as $3.7 mi llion, 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 Return, as used in the Performance-Based LTIP Unit 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.

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