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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022 and 2021:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (amounts in thousands)
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 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (207,875) |  |  | 16.76 |  |  |  |  | 3,852 |
Forfeited | — |  |  | — |  |  |  |  |
Options outstanding at December 31, 2023 | 522,675 |  |  | $ | 18.45 |  |  | 2.5 |  | $ | 9,150 |
Options exercisable at December 31, 2023 | 522,675 |  |  | $ | 18.45 |  |  | 2.5 |  | $ | 9,150 |
(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 Share Units Activity Under Plan | The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 2022 and 2021:
| Restricted Share Units |  | Weighted- Average Grant Date Fair Value |  |
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 |  |  |
Awarded | 509,730 |  |  | 33.24 |  |  |
Vested | (418,351) |  |  | 31.40 |  |  |
Forfeited | (25,579) |  |  | 33.45 |  |  |
RSUs outstanding at December 31, 2023 | 1,090,522 |  |  | $ | 34.64 |  |  |
Summary of Performance Share Units Activity Under Plan | The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 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 |
Awarded | 227,033 |  |  | 40.19 |
Vested | — |  |  | — |
Forfeited | (1,237) |  |  | 43.91 |
PSUs outstanding at December 31, 2023 | 520,219 |  |  | $ | 40.68 |
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:
| 2023 |  | 2022 |  | 2021
Expected term (years) | 3.0 |  | 3.0 |  | 3.0
Dividend yield | 2.09% |  | 1.03% |  | 0.67%
Estimated volatility (1) | 27.45% |  | 27.62% |  | 28.48%
Risk-free interest rate | 4.16% |  | 1.39% |  | 0.20%
(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, 2023, 2022 and 2021 (amounts in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
General and administrative expense | $ | 16,379 |  |  | $ | 15,318 |  |  | $ | 9,361 |
Property management expenses | 4,030 |  |  | 3,861 |  |  | 3,004 |
Acquisition and other transaction costs | 4,961 |  |  | 8,129 |  |  | 5,427 |
Total noncash share-based compensation expense | $ | 25,370 |  |  | $ | 27,308 |  |  | $ | 17,792 |

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