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Share-based Compensation and Non-Qualified Deferred Compensation Plan
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation and Non-Qualified Deferred Compensation Plan
8. 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 share options, share appreciation rights, restricted share awards, share bonuses, and other share-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 for grant 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 share options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share option or share appreciation right granted. As of June 30, 2024, there were approximately 4.3 million common shares available for grant under the 2018 Share Plan, which would result in approximately 1.2 million shares which could be granted pursuant to full value awards conversion ratios as defined under the 2018 Share Plan.
Total compensation cost for share awards charged against income was approximately $4.0 million or each of the three months ended June 30, 2024 and 2023, and approximately $7.5 million and $7.9 million for the six months ended June 30, 2024 and 2023, respectively. Total capitalized compensation costs for share awards were approximately $1.5 million for each of the three months ended June 30, 2024 and 2023, and approximately $2.7 million and $3.2 million for the six months ended June 30, 2024 and 2023, respectively.
A summary of activity under our share incentive plans for the six months ended June 30, 2024 is shown below:
Nonvested
Share
Awards
Outstanding		Weighted
Average
Exercise /  Grant Price
Nonvested share awards outstanding at December 31, 2023174,164 $126.46 
Granted270,703 96.12 
Vested(220,885)107.44 
Forfeited(6,421)119.99 
Total nonvested share awards outstanding at June 30, 2024217,561 $108.21 
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 an employee, also attains 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 to such individual is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted to individuals after they reach Retirement Eligibility vest on the date of grant.
The weighted average fair value of share awards granted during the six months ended June 30, 2024 and 2023 was $96.12 per share and $117.02 per share, respectively. The total fair value of shares vested was approximately $23.7 million and $22.2 million during the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024, the unamortized value of previously issued unvested share awards was approximately $19.4 million which is expected to be amortized over the next three years.