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Equity Incentive Plan (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of share-based payment award, performance unit awards, valuation assumptions The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2021.
Performance UnitsAssumptions
Grant dateJanuary 7, 2021
Expected volatility34.4 %
Expected dividend yield5.0 %
Risk-free interest rate0.2271 %
Fair value of performance units grant (in thousands)$5,522 
Summary of Equity Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2021 and 2020.

 Three months ended June 30,Six months ended June 30,
Non-Cash Compensation Expense (in thousands)2021    202020212020
Restricted shares of common stock$586 $481 $1,237 $948 
LTIP units2,346 

978 4,754 

1,942 
Performance units1,484 1,341 2,922 2,648 
Director compensation (1)
123 

138 241 252 
Total non-cash compensation expense$4,539 $2,938 $9,154 $5,790 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2021 and 2020. The number of shares of common stock granted is calculated based on the trailing ten days average common stock price ending on the third business day preceding the grant date.