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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Activity | The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value:
|  | Three Months Ended March 31,
Restricted Shares and Performance Based Shares |  | 2024 |  | 2023
Expected quarterly dividends per share |  | $ | 0.3875 |  |  | $ | 0.3675 |
Risk-free interest rate |  | 4.27 | % |  | 4.46 | %
Market-Based Shares |  |  |  |
Dividend yield |  | 4.21 | % |  | N/A
Expected volatility |  | 13.09 | % |  | N/A
Risk-free interest rate |  | 4.31 | % |  | N/A
The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the three months ended March 31, 2024:
| Restricted Stock |  |
| Shares |  | Weighted- Average Grant Date Fair Value |  |  |  |
Outstanding at December 31, 2023 | 212,080 |  |  | $ | 40.33 |  |  |  |  |
Granted | 188,019 |  |  | 32.43 |  |  |  |  |
Released | (145,020) |  |  | 37.18 |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2024 | 255,079 |  |  | $ | 36.30 |  |  |  |  |
The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares:
|  | Three Months Ended March 31,
Restricted Stock |  | 2024 |  | 2023
Weighted-average grant date fair value |  | $ | 32.43 |  |  | $ | 44.78 |
Total fair value of restricted shares that vested (in thousands) |  | $ | 5,395 |  |  | $ | 8,394 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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