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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity Under Plan

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2021, 2020 and 2019:

			Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (in years)						Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at December 31, 2018			2,252,275						$	16.92					6.1						$	7,713
Granted			20,000						20.48
Exercised			(730,125)						15.94												6,088
Forfeited			(12,350)						20.80
Options outstanding at December 31, 2019			1,529,800						$	17.40					5.3						$	13,479
Granted			—						—
Exercised			(426,150)						16.55												4,911
Forfeited			(13,350)						21.89
Options outstanding at December 31, 2020			1,090,300						$	17.68					4.5						$	13,436
Granted			—						—
Exercised			(266,000)						17.01												5,625
Forfeited			—						—
Options outstanding at December 31, 2021			824,300						$	17.89					3.7						$	21,200
Options exercisable at December 31, 2021			786,800						$	17.81					3.6						$	20,303

(1)Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

Summary of Black-Scholes Option Pricing Model Inputs Used for Valuation of Stock Options Outstanding

The weighted-average fair value of stock options for Class A common shares granted during the year ended December 31, 2019 was $2.85 based on the following inputs used in the Black-Scholes Option Pricing Model:

															2019
Expected term (years)																								7.0
Dividend yield																								3.0		%
Volatility																								17.3		%
Risk-free interest rate																								2.6		%

Summary of Restricted Stock Units Activity Under Plan

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2021, 2020 and 2019:

			Restricted Share Units						Weighted- Average Grant Date Fair Value
RSUs outstanding at December 31, 2018			372,375						$	20.00
Awarded			350,334						22.90
Vested			(111,000)						19.75
Forfeited			(12,600)						21.34
RSUs outstanding at December 31, 2019			599,109						$	21.71
Awarded			470,147						27.38
Vested			(316,186)						23.61
Forfeited			(101,533)						23.93
RSUs outstanding at December 31, 2020			651,537						$	24.53
Awarded			651,898						32.69
Vested			(209,824)						23.15
Forfeited			(43,012)						28.41
RSUs outstanding at December 31, 2021			1,050,599						$	29.71

    The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the year ended December 31, 2021:

			Performance-Based Restricted Share Units						Weighted-Average Grant Date Fair Value
PSUs outstanding at December 31, 2020			—						$	—
Awarded			92,319						34.83
Vested			—						—
Forfeited			—						—
PSUs outstanding at December 31, 2021			92,319						$	34.83

Summary of Noncash Share-Based Compensation Expense

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the years ended December 31, 2021, 2020 and 2019 (in thousands):

			For the Years Ended December 31,
			2021						2020						2019
General and administrative expense			$	9,361					$	6,573					$	3,466
Property management expenses			3,004						1,745						1,342
Acquisition and other transaction costs			5,427						1,516						—
Total noncash share-based compensation expense			$	17,792					$	9,834					$	4,808

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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