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Share-based Compensation and Non-Qualified Deferred Compensation Plan
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation and Non-Qualified Deferred Compensation Plan
9. Share-Based Compensation and Non-Qualified Deferred Compensation Plan
Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the "2018 Share Plan"), which was approved by our shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include our and our subsidiaries' officers and employees, Trust Managers, and certain of our and our subsidiaries' consultants and advisors. A total of 9.7 million shares ("Share Limit") was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of March 31, 2023, there were approximately 5.2 million common shares available under the 2018 Share Plan, which would result in approximately 1.5 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan.
Total compensation cost for share awards charged against income was approximately $3.9 million and $3.4 million for the three months ended March 31, 2023 and 2022, respectively. Total capitalized compensation costs for share awards were approximately $1.7 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively.
A summary of activity under our share incentive plans for the three months ended March 31, 2023 is shown below:
Nonvested
Share
Awards
Outstanding		Weighted
Average
Exercise /  Grant Price
Nonvested share awards outstanding at December 31, 2022164,647 $132.99 
Granted202,594 117.56 
Vested(166,292)121.69 
Forfeited(1,778)131.04 
Total nonvested share awards outstanding at March 31, 2023199,171 $126.75 
Share Awards and Vesting. Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to employees, also attain at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted after reaching Retirement Eligibility vest on the date of grant.
The weighted average fair value of share awards granted during the three months ended March 31, 2023 and 2022 was $117.56 per share and $163.64 per share, respectively. The total fair value of shares vested was approximately $20.2 million and $17.8 million during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the unamortized value of previously issued unvested share awards was approximately $22.7 million which is expected to be amortized over the next three years.