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Share-Based Compensation (Tables)
 12 Months Ended
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:
 SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value (1) (amounts in thousands)
Options outstanding at December 31, 20191,529,800 $17.40 5.3$13,479 
Granted— — 
Exercised(426,150)16.55 4,911 
Forfeited(13,350)21.89 
Options outstanding at December 31, 20201,090,300 $17.68 4.5$13,436 
Granted— — 
Exercised(266,000)17.01 5,625 
Forfeited— — 
Options outstanding at December 31, 2021824,300 $17.89 3.7$21,200 
Granted— — 
Exercised(93,750)17.26 1,782 
Forfeited— — 
Options outstanding at December 31, 2022730,550 $17.97 3.0$8,889 
Options exercisable at December 31, 2022725,550 $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 UnitsWeighted- Average Grant Date Fair Value
RSUs outstanding at December 31, 2019
599,109 $21.71 
Awarded470,147 27.38 
Vested(316,186)23.61 
Forfeited(101,533)23.93 
RSUs outstanding at December 31, 2020
651,537 $24.53 
Awarded651,898 32.69 
Vested(209,824)23.15 
Forfeited(43,012)28.41 
RSUs outstanding at December 31, 2021
1,050,599 $29.71 
Awarded466,802 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— $— 
Awarded92,319 34.83 
Vested— — 
Forfeited— — 
PSUs outstanding at December 31, 2021
92,319 $34.83 
Awarded202,104 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:
20222021
Expected term (years)3.03.0
Dividend yield1.03%0.67%
Estimated volatility (1)
27.62%28.48%
Risk-free interest rate1.39%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,
202220212020
General and administrative expense$15,318 $9,361 $6,573 
Property management expenses3,861 3,004 1,745 
Acquisition and other transaction costs8,129 5,427 1,516 
Total noncash share-based compensation expense$27,308 $17,792 $9,834