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Equity Compensation Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Equity Compensation Plans Equity Compensation Plans
On May 18, 2022, our stockholders approved our 2022 Long Term Incentive Plan (the “2022 Incentive Plan”) which replaced the 2016 Long Term Incentive Plan (the “Prior Plan,”, collectively known as the “Incentive Plan”). No new awards may be made under the Prior Plan, although awards outstanding under the Prior Plan will remain subject to the terms of the Prior Plan. The 2022 Incentive Plan provides for grants of equity and equity-based awards to our employees, officers, directors, consultants and other service providers, and such awards may take the form of restricted or unrestricted shares of common stock, non-qualified stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), dividend equivalents and other equity and cash-based awards. A maximum of 8,000,000 shares of our common stock (plus up to an additional 1,280,610 shares of our common stock, to the extent that shares subject to outstanding awards under the Prior Plan are recycled into the 2022 Incentive Plan) may be awarded under the 2022 Incentive Plan, subject to customary adjustment for stock splits, reverse stock splits and similar corporate events or transactions affecting shares of our common stock.
Under the Incentive Plan, we have granted restricted shares, RSUs, and PSUs. For the years ended December 31, 2022, 2021 and 2020 we recognized $8,044, $7,346 and $5,635 of stock compensation expense, respectively. In 2021, our PSU and RSU award agreements were revised to provide for accelerated vesting upon retirement, as defined in the award agreements. Due to this revision, the stock compensation expense associated with any such award granted to a retirement eligible employee is recognized in full on the date of grant. During the years ended December 31, 2022, 2021, and 2020, $2,422, $2,112, and $1,667 of stock compensation was recognized with respect to awards granted to retirement eligible employees.
The restricted shares and RSUs granted under the 2022 Incentive Plan generally vest over a two, three, or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share award and RSU activity is presented below.
202220212020
Number
 of
 Shares		Weighted Average Grant Date Fair
Value Per Share 		Number
 of
 Shares		Weighted Average Grant Date Fair
Value Per Share 		Number
 of
 Shares		Weighted Average Grant Date Fair
Value Per Share
Balance, January 1,404,988 $13.75 406,849 $11.68 326,541 $9.54 
Granted269,150 23.07 514,177 20.08 282,735 12.85 
Vested(223,785)14.40 (475,426)18.82 (164,026)9.32 
Forfeited(54,871)21.38 (40,612)13.78 (38,401)12.20 
Balance, December 31, (1)
395,482 $18.67 404,988 $13.75 406,849 $11.68 
(1)
The outstanding award balance above included 163,348, 135,336, and 67,381 RSUs as of December 31, 2022, 2021, and 2020, respectively.
Subsequent to December 31, 2022, 242,447 restricted stock awards and RSUs valued at a weighted-average price of $19.09, or $4,629 in the aggregate were awarded to employees. These awards vest over a two to four-year period.
As of December 31, 2022, the unearned compensation cost relating to unvested restricted common share awards and RSUs was $3,260, which will be recognized over a weighted-average period of 2 years. The estimated fair value of restricted common share awards, and RSUs, vested during 2022, 2021, and 2020 was $5,452, $7,208, and $2,076, respectively.
The PSUs granted under the Incentive Plan have a three-year performance period and are generally based on (1) market performance as measured by total stockholder return for 70% of the award and (2) a subjective performance condition tied to achievement of specified individual criteria for 30% of the award. The PSUs vest 50% upon the Compensation Committee’s determination as to the satisfaction of the performance criteria (which shall be within two months of the last day of the performance period) and 50% on the first anniversary of the last day of the performance period, subject to continued service through such dates. A summary of PSU activity is presented below.
202220212020
Number
 of
 Shares		Weighted Average Grant Date Fair
Value Per Share 		Number
 of
 Shares		Weighted Average Grant Date Fair
Value Per Share 		Number
 of
 Shares		Weighted Average Grant Date Fair
Value Per Share
Balance, January 1,944,907 $9.32 882,076 $8.21 717,677 $7.52 
Granted (1)198,099 20.67 257,230 12.45 202,145 11.77 
Change in awards based on performance (2)96,923 8.89 145,911 7.04 75,488 7.12 
Vested(425,022)6.47 (340,310)7.04 (113,234)7.12 
Forfeited26,612 20.35 — — — — 
Balance, December 31,
841,519 $13.74 944,907 $9.32 882,076 $8.21 
(1)
PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three-year performance period and ranges from 0%-150% of target.
(2)Represents the change in the numbers of PSUs earned based on performance achievement for the performance period.
Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows:
For the year ended December 31,
202220212020
Dividend yield5.4%6.4%6.1%
Volatility (a)32.0%33.0%22.0%
Expected term2.9 years2.8 years2.8 years
(a)
This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 25% to 45%.
The Company estimates future expenses associated with PSUs outstanding at December 31, 2022 to be $2,262, which will be recognized over a weighted-average period of 2.5 years. The estimated fair value of PSUs vested during 2022, 2021, and 2020 was $10,458, $4,750, and $1,862.