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Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Benefit Plans | Benefit Plans Non-vested share activity for the years ended December 31, 2022 and 2021, is as follows:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Balance at December 31, 2020 | 2,704,729 |  |  | $ | 7.27 |
Granted | 899,328 |  |  | 7.85 |
Vested | (1,303,149) |  |  | 7.82 |
Forfeited | (10,264) |  |  | 10.09 |
Balance at December 31, 2021 | 2,290,644 |  |  | 7.17 |
Granted | 860,665 |  |  | 10.97 |
Vested | (951,472) |  |  | 7.00 |
Forfeited | (140,947) |  |  | 9.21 |
Balance at December 31, 2022 | 2,058,890 |  |  | $ | 8.70 |
During 2022 and 2021, the Company granted common shares to certain employees and trustees as follows:
| 2022 |  | 2021
Performance Shares(1) |  |  |
Shares issued: |  |  |
Index | 282,720 |  |  | 297,636 |
Peer | 282,715 |  |  | 297,632 |
Grant date fair value per share:(2) |  |  |
Index | $ | 9.40 |  |  | $ | 7.13 |
Peer | $ | 8.78 |  |  | $ | 6.23 |
Non-Vested Common Shares:(3) |  |  |
Shares issued | 295,230 |  |  | 304,060 |
Grant date fair value | $ | 4,304 |  |  | $ | 3,080 |
(1)The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2022, all of the 552,121 performance shares issued in 2019 vested. During 2021, all of the 662,044 performance shares issued in 2018 vested. (2)The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3)The shares vest ratably over a three-year service period. In addition, during 2022, 2021 and 2020, the Company issued 69,937, 50,245, and 47,130, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $849, $587, and $500, respectively. As of December 31, 2022, of the remaining 2,058,890 non-vested shares, 533,827 are subject to time-based vesting and 1,525,063 are subject to performance-based vesting. At December 31, 2022, there are 4,094,587 awards available for grant. The Company has $7,968 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.7 years. The Company has established a trust for a certain officer in which vested common shares granted for the benefit of the officers are deposited. The officer exerts no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2022 and 2021, there were 130,863 common shares in the trust. The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $480, $426 and $393 of contributions are applicable to 2022, 2021 and 2020, respectively. During 2022, 2021 and 2020, the Company recognized $6,636, $6,554 and $6,185, respectively, in expense relating to scheduled vesting of common share grants.

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