v3.22.2.2

Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 15. Stock-Based Compensation Restricted Stock Awards During the three and nine months ended September 30, 2022, the Company awarded 6,175 and 181,088 shares of RSAs, respectively, to officers, employees and non-employee directors, under the Equity Incentive Plan. During the three and nine months ended September 30, 2021, the Company issued 178 and 201,273 shares of RSAs, respectively. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one-, three-, or four-year period from the date of the grant and are subject to the holder's continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average value of awards granted during the three and nine months ended September 30, 2022, were $22.67 and $21.44, respectively, which were based on the market price per share of the Company's common stock on the grant date. The weighted average value of awards granted during the three and nine months ended September 30, 2021, were $26.02 and $18.68, respectively. The following table presents information about the Company's RSAs:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Compensation cost (a) |  | $ | 994 |  |  | $ | 701 |  |  | $ | 2,481 |  |  | $ | 3,124 |
Dividends declared on unvested RSAs |  |  | 107 |  |  |  | 95 |  |  |  | 310 |  |  |  | 296 |
Fair value of shares vested during the period |  |  | — |  |  |  | — |  |  |  | 3,209 |  |  |  | 3,296 |
(a) Includes $0.2 million and $0.3 million compensation cost recognized from RSAs granted to non-employee directors for the three and nine months ended September 30, 2022, respectively.
(in thousands, except recognition period) |  | September 30, 2022 |  |  | December 31, 2021 |
Unamortized value of RSAs |  | $ | 5,935 |  |  | $ | 4,715 |
Weighted average amortization period (in years) |  |  | 2.4 |  |  |  | 2.4 |
The following table presents information about the Company's RSA activity:
|  | For the Three Months Ended September 30, |
|  | 2022 |  |  | 2021 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested at beginning of period |  |  | 392 |  |  | $ | 20.33 |  |  |  | 378 |  |  | $ | 19.60 |
Granted |  |  | 6 |  |  |  | 22.67 |  |  |  | 1 |  |  |  | 26.02 |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (1 | ) |  |  | 21.66 |  |  |  | (5 | ) |  |  | 19.72 |
Unvested at end of period |  |  | 397 |  |  |  | 20.37 |  |  |  | 374 |  |  |  | 19.61 |
|  | For the Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested at beginning of period |  |  | 372 |  |  | $ | 19.62 |  |  |  | 341 |  |  | $ | 20.50 |
Granted |  |  | 181 |  |  |  | 21.44 |  |  |  | 202 |  |  |  | 18.68 |
Vested |  |  | (146 | ) |  |  | 19.80 |  |  |  | (164 | ) |  |  | 20.15 |
Forfeited |  |  | (10 | ) |  |  | 20.10 |  |  |  | (5 | ) |  |  | 19.72 |
Unvested at end of period |  |  | 397 |  |  |  | 20.37 |  |  |  | 374 |  |  |  | 19.61 |
Performance-based Restricted Stock Units The Company issued target grants of 124,024 and 132,189 PRSUs, during the nine months ended September 30, 2022 and 2021, respectively, under the Equity Incentive Plan to the officers of the Company. There were 2,141 PRSUs granted during the three months ended September 30, 2022. There were no PRSUs granted during the three months ended September 30, 2021. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50% based on the relative total shareholder return ("rTSR") of the Company's common stock as compared to the rTSR of peer companies, as identified in the grant agreements, over a three-year period, and 50% based on the rTSR of the Company's common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. Vesting percentages range from 0% to 200% with a target of 100%. rTSR means the percentage appreciation in the fair market value of one share over the three-year measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55 th percentile of the peer companies and MSCI US REIT Index. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the direction of the Board's Compensation Committee. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility. The following tables present information about the Company's PRSUs:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands, except recognition period) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Compensation cost |  | $ | 509 |  |  | $ | 223 |  |  | $ | 1,332 |  |  | $ | 520 |
|  | September 30, 2022 |  |  | December 31, 2021 |
Unamortized value of PRSUs |  | $ | 4,027 |  |  | $ | 1,931 |
Weighted average amortization period (in years) |  |  | 2.1 |  |  |  | 2.2 |
The following table presents information about the Company's PRSU activity:
|  | For the Three Months Ended September 30, |
|  | 2022 |  |  | 2021 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested at beginning of period |  |  | 231 |  |  | $ | 26.25 |  |  |  | 110 |  |  | $ | 24.40 |
Granted |  |  | 2 |  |  |  | 27.93 |  |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested at end of period |  |  | 233 |  |  |  | 26.27 |  |  |  | 110 |  |  |  | 24.40 |
|  | For the Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested at beginning of period |  |  | 110 |  |  | $ | 24.40 |  |  |  | — |  |  | $ | — |
Granted |  |  | 124 |  |  |  | 27.93 |  |  |  | 132 |  |  |  | 24.40 |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (1 | ) |  |  | 27.93 |  |  |  | (22 | ) |  |  | 24.40 |
Unvested at end of period |  |  | 233 |  |  |  | 26.27 |  |  |  | 110 |  |  |  | 24.40 |

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