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Equity Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2022
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 three months ended March 31, 2022.
Performance UnitsAssumptions
Grant dateJanuary 10, 2022
Expected stock price volatility34.1 %
Expected dividend yield4.0 %
Risk-free interest rate1.1979 %
Fair value of performance units grant (in thousands)$6,289 
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 months ended March 31, 2022 and 2021.

 Three months ended March 31,
Non-Cash Compensation Expense (in thousands)2022    2021
Restricted shares of common stock$548 $651 
LTIP units1,284 2,408 
Performance units1,296 1,438 
Director compensation(1)
121 

118 
Total non-cash compensation expense$3,249 $4,615 
(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 months ended March 31, 2022 and 2021. The number of shares of common stock granted was calculated based on the trailing ten day average common stock price on the third business day preceding the grant date.