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Share and Unit-based Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity of Non-vested Stock Units | The following table summarizes the activity of non-vested stock units during the years ended December 31, 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance at beginning of year | 295,054 |  |  | $ | 14.58 |  |  | 266,505 |  |  | $ | 19.05 |  |  | 309,845 |  |  | $ | 21.47 |
Granted | 251,738 |  |  | 10.92 |  |  | 209,146 |  |  | 13.43 |  |  | 169,112 |  |  | 14.61 |
Vested | (262,745) |  |  | 14.08 |  |  | (180,597) |  |  | 19.84 |  |  | (211,465) |  |  | 19.03 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (987) |  |  | 22.12 |
Balance at end of year | 284,047 |  |  | $ | 11.79 |  |  | 295,054 |  |  | $ | 14.58 |  |  | 266,505 |  |  | $ | 19.05 |
Schedule of LTIP Units Granted | The Company has granted the following LTI units during the years ended December 31, 2023, 2022 and 2021:
Grant Date |  | Units |  | Type |  | Fair Value per LTI Unit |  | Vest Date
1/1/2021 |  | 576,378 |  |  | Service-based |  | $ | 10.67 |  |  | 12/31/2023
1/1/2021 |  | 1,005,073 |  |  | Performance-based |  | $ | 9.85 |  |  | 12/31/2023
|  | 1,581,451 |  |  |  |  |  |  |
1/1/2022 |  | 376,153 |  |  | Service-based |  | $ | 17.28 |  |  | 12/31/2024
1/1/2022 |  | 716,545 |  |  | Performance-based |  | $ | 15.77 |  |  | 12/31/2024
|  | 1,092,698 |  |  |  |  |  |  |
1/1/2023 |  | 577,255 |  |  | Service-based |  | $ | 11.26 |  |  | 12/31/2025
1/1/2023 |  | 1,030,077 |  |  | Performance-based |  | $ | 10.97 |  |  | 12/31/2025
|  | 1,607,332 |  |  |  |  |  |  |
Schedule LTIP Units Valuation Assumptions | The fair value of the market-indexed LTI Units and performance-based LTI Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions:
Grant Date |  | Risk Free Interest Rate |  | Expected Volatility
1/1/2021 |  | 0.17 | % |  | 62.82 | %
1/1/2022 |  | 0.97 | % |  | 70.83 | %
1/1/2023 |  | 4.21 | % |  | 74.23 | %
Schedule of Activity of Stock Options | The following table summarizes the activity of the non-vested LTI Units during the years ended December 31, 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance at beginning of year | 2,215,167 |  |  | $ | 12.90 |  |  | 1,837,691 |  |  | $ | 14.14 |  |  | 784,052 |  |  | $ | 28.11 |
Granted | 1,607,332 |  |  | 11.07 |  |  | 1,092,698 |  |  | 16.29 |  |  | 1,581,451 |  |  | 10.15 |
Vested | (1,378,528) |  |  | 10.94 |  |  | (386,828) |  |  | 15.86 |  |  | (286,373) |  |  | 17.62 |
Forfeited | (187,124) |  |  | 12.15 |  |  | (328,394) |  |  | 27.64 |  |  | (241,439) |  |  | 29.25 |
Balance at end of year | 2,256,847 |  |  | $ | 12.86 |  |  | 2,215,167 |  |  | $ | 12.90 |  |  | 1,837,691 |  |  | $ | 14.14 |
The following table summarizes the activity of vested stock options for the years ended December 31, 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Balance at beginning of year | 26,371 |  |  | $ | 54.56 |  |  | 37,515 |  |  | $ | 54.34 |  |  | 37,515 |  |  | $ | 54.34 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | $ | — |  |  | (11,144) |  |  | 53.82 |  |  | — |  |  | — |
Balance at end of year | 26,371 |  |  | $ | 54.56 |  |  | 26,371 |  |  | $ | 54.56 |  |  | 37,515 |  |  | $ | 54.34 |
Schedule of Activity of Non-vested Phantom Stock Units | The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| Stock Units |  | Weighted Average Grant Date Fair Value |  | Stock Units |  | Weighted Average Grant Date Fair Value |  | Stock Units |  | Weighted Average Grant Date Fair Value
Balance at beginning of year | 34,039 |  |  | $ | 14.19 |  |  | — |  |  | $ | — |  |  | 4,662 |  |  | $ | 35.35 |
Granted | 6,513 |  |  | 11.48 |  |  | 61,420 |  |  | 14.35 |  |  | 17,554 |  |  | 12.09 |
Vested | (23,509) |  |  | 13.44 |  |  | (27,381) |  |  | 14.55 |  |  | (22,216) |  |  | 16.97 |
Balance at end of year | 17,043 |  |  | $ | 14.19 |  |  | 34,039 |  |  | $ | 14.19 |  |  | — |  |  | $ | — |
Schedule of Compensation Cost Under the Share and Unit-based Plans | The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
Stock units | $ | 3,150 |  |  | $ | 3,110 |  |  | $ | 3,173 |
LTI units | 12,599 |  |  | 18,611 |  |  | 14,448 |
Phantom stock units | 316 |  |  | 398 |  |  | 377 |
| $ | 16,065 |  |  | $ | 22,119 |  |  | $ | 17,998 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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