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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of weighted average assumptions used to estimate the grant date fair value of options granted | The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2024 (there were no options granted during the years ended December 31, 2023 and 2022).
| 2024 |  | 2023 |  | 2022
Dividend yield | 5.5 | % |  | N/A |  | N/A
Expected life | 7.5 years |  | N/A |  | N/A
Risk-free interest rate | 4.45 | % |  | N/A |  | N/A
Expected stock price volatility | 45.0 | % |  | N/A |  | N/A
Summary of the status of stock options and changes during the period | A summary of the status of the Company's stock options as of December 31, 2024, 2023, and 2022 and changes during the years ended December 31, 2024, 2023, and 2022 are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| Options Outstanding |  | Weighted Average Exercise Price |  | Options Outstanding |  | Weighted Average Exercise Price |  | Options Outstanding |  | Weighted Average Exercise Price
Balance at beginning of year | 115,980 |  |  | $ | 103.52 |  |  | 313,480 |  |  | $ | 97.59 |  |  | 394,089 |  |  | $ | 100.56 |
Granted | 217,917 |  |  | 68.07 |  |  | — |  |  | — |  |  | — |  |  | — |
Lapsed or canceled | — |  |  | — |  |  | (197,500) |  |  | 84.14 |  |  | (80,609) |  |  | 112.14 |
Balance at end of year | 333,897 |  |  | $ | 81.63 |  |  | 115,980 |  |  | $ | 103.52 |  |  | 313,480 |  |  | $ | 97.59 |
Options exercisable at end of year | 115,980 |  |  | $ | 103.52 |  |  | 115,980 |  |  | $ | 103.52 |  |  | 313,480 |  |  | $ | 97.59 |
Schedule of other share-based compensation, activity | A summary of the Company's restricted stock as of December 31, 2024, 2023, and 2022 and changes during the years ended December 31, 2024, 2023, and 2022 are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | 4,089,174 |  |  | 3,758,174 |  |  | 3,459,363 |
Granted | 371,285 |  |  | 337,350 |  |  | 314,995 |
Canceled | (10,750) |  |  | (6,350) |  |  | (16,184) |
Balance at end of year | 4,449,709 |  |  | 4,089,174 |  |  | 3,758,174 |
Vested during the year | 143,453 |  |  | 147,915 |  |  | 118,255 |
Compensation expense recorded | $ | 10,939,602 |  |  | $ | 7,766,055 |  |  | $ | 10,133,905 |
Total fair value of restricted stock granted during the year | $ | 24,676,422 |  |  | $ | 15,789,540 |  |  | $ | 16,804,931 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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