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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted Stock Award and Performance Award Activity | The following table summarizes the status of the restricted stock award and performance award activity for the year ended December 31, 2023:
| Shares |  | Weighted Average Share Price
Unvested balance at December 31, 2022 | 573,609 |  |  | $ | 20.63 |
Granted: |  |  |
RSAs | 166,122 |  |  | 22.41 |
Board Awards | 24,768 |  |  | 19.38 |
Vested | (185,767) |  |  | 20.94 |
Forfeited | (68,136) |  |  | 20.85 |
Unvested balance at December 31, 2023 | 510,596 |  |  | $ | 21.01 |
Schedule of Award Grants | The following table summarizes the Company’s RSAs and Board Awards grants during the year ended December 31, 2023 (dollars in thousands, except per share amounts):
| Grants |  | Vested
| Shares |  | Weighted Average Share Price |  | Grant Date Fair Value |  | Shares |  | Vest Date Fair Value
During year ended December 31, 2023(1) |  |  |  |  |  |  |  |  |
RSAs | 166,122 |  |  | $ | 22.41 |  |  | $ | 3,722 |  |  | 138,438 |  |  | $ | 2,855 |
PSAs | — |  |  | — |  |  | — |  |  | 21,337 |  |  | 438 |
Board Awards | 24,768 |  |  | 19.38 |  |  | 480 |  |  | 25,992 |  |  | 504 |
(1)The Compensation Committee granted annual awards for 2024 in December 2023. The following table summarizes the Company’s RSA, PSA and Board Award grants during the years ended December 31, 2022 and 2021 (dollars in thousands, except per share amounts):
| Grants
| Shares |  | Weighted Average Share Price |  | Grant Date Fair Value
During year ended December 31, 2022(1) |  |  |  |  |
RSAs | 159,663 |  |  | $ | 19.56 |  |  | $ | 3,123 |
Board Awards | 25,992 |  |  | 16.93 |  |  | 440 |
During year ended December 31, 2021(2) |  |  |  |  |
RSAs | 394,863 |  |  | $ | 21.92 |  |  | $ | 8,654 |
PSAs | 108,414 |  |  | 22.48 |  |  | 2,437 |
Board Awards | 20,266 |  |  | 24.18 |  |  | 490 |
(1)The Compensation Committee granted annual awards for 2023 in December 2022. (2)In 2021, the Compensation Committee changed the structure of the grants that resulted in two long-term equity incentive awards being granted to the Company’s named executive officers in 2021. The Compensation Committee also granted annual awards for 2022 in December 2021.
Schedule of Key Valuation Assumptions Used in Valuation | The fair value of the TSR Units is estimated on the date of the grant using a Monte Carlo valuation model. The risk-free rate is based on the U.S. Treasury yield curve in effect at the grant date for the expected performance period. Expected volatility is based on historical volatility for the most recent weighted average period ending on the grant date for the Company and the selected TSR peer group, and is calculated on a daily basis. The following table reflects the weighted-average key assumptions used in this valuation for awards granted during the years ended December 31, 2023, 2022 and 2021:
| For the Year Ended December 31, 2023 |  | For the Year Ended December 31, 2022 |  | For the Year Ended December 31, 2021
Risk-free interest rate | 4.08 | % |  | 3.91 | % |  | 0.60 | %
Expected stock price volatility | 26.44 | % |  | 52.90 | % |  | 52.42 | %
Expected service period | 3.04 years |  | 3.04 years |  | 2.93 years
Expected dividend yield (assuming full reinvestment) | — | % |  | — | % |  | — | %
Fair value per share at date of grant | $ | 27.41 |  |  | $ | 26.53 |  |  | $ | 29.10 |
Schedule of Stock-Based Compensation Expense | The following table summarizes the stock-based compensation expense recognized (dollars in thousands):
| For Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Stock-based compensation expense | $ | 5,153 |  |  | $ | 5,758 |  |  | $ | 10,832 |

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