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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (amounts in thousands)
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 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (93,750) |  |  | 17.26 |  |  |  |  | 1,782 |
Forfeited | — |  |  | — |  |  |  |  |
Options outstanding at December 31, 2022 | 730,550 |  |  | $ | 17.97 |  |  | 3.0 |  | $ | 8,889 |
Options exercisable at December 31, 2022 | 725,550 |  |  | $ | 17.96 |  |  | 3.0 |  | $ | 8,841 |
(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 Restricted Stock Unit and Performance Share Unit Activity | The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2022, 2021 and 2020:
| Restricted Share Units |  | Weighted- Average Grant Date Fair Value |  |
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 |  |  |
Awarded | 466,802 |  |  | 39.52 |  |  |
Vested | (439,643) |  |  | 29.41 |  |  |
Forfeited | (53,036) |  |  | 35.85 |  |  |
RSUs outstanding at December 31, 2022 | 1,024,722 |  |  | $ | 33.99 |  |  |
The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2022 and 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 |
Awarded | 202,104 |  |  | 43.91 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
PSUs outstanding at December 31, 2022 | 294,423 |  |  | $ | 41.07 |
Schedule of PSU TSR Valuation Assumptions | For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:
| 2022 |  | 2021
Expected term (years) | 3.0 |  | 3.0
Dividend yield | 1.03% |  | 0.67%
Estimated volatility (1) | 27.62% |  | 28.48%
Risk-free interest rate | 1.39% |  | 0.2%
(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.
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, 2022, 2021 and 2020 (amounts in thousands):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
General and administrative expense | $ | 15,318 |  |  | $ | 9,361 |  |  | $ | 6,573 |
Property management expenses | 3,861 |  |  | 3,004 |  |  | 1,745 |
Acquisition and other transaction costs | 8,129 |  |  | 5,427 |  |  | 1,516 |
Total noncash share-based compensation expense | $ | 27,308 |  |  | $ | 17,792 |  |  | $ | 9,834 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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