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Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Benefit Plans | Benefit Plans Non-vested share activity for the years ended December 31, 2024 and 2023, is as follows:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Balance at December 31, 2022 | 2,058,890 |  |  | $ | 8.70 |
Granted | 1,191,697 |  |  | 7.97 |
Vested | (526,453) |  |  | 9.08 |
Forfeited | (184,661) |  |  | 6.34 |
Balance at December 31, 2023 | 2,539,473 |  |  | 8.45 |
Granted | 1,570,459 |  |  | 7.33 |
Vested | (425,302) |  |  | 10.37 |
Forfeited | (459,230) |  |  | 6.66 |
Balance at December 31, 2024 | 3,225,400 |  |  | $ | 7.90 |
During 2024 and 2023, the Company granted common shares to certain employees and trustees as follows:
| 2024 |  | 2023
Performance Shares(1) |  |  |
Shares issued: |  |  |
Index | 489,182 |  |  | 407,611 |
Peer | 489,177 |  |  | 407,606 |
Grant date fair value per share:(2) |  |  |
Index | $ | 6.01 |  |  | $ | 6.96 |
Peer | $ | 5.68 |  |  | $ | 6.50 |
Non-Vested Common Shares:(3) |  |  |
Shares issued | 592,100 |  |  | 376,480 |
Grant date fair value | $ | 5,794 |  |  | $ | 4,010 |
(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 2024, 119,519 of the 565,652 outstanding performance shares issued in 2021 vested. (2)The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3)The shares vest at various times over a period of time up to a three year service period commencing on the grant date. In addition, during 2024, 2023 and 2022, the Company issued 98,752, 93,007 and 69,937, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $900, $939 and $849, respectively. As of December 31, 2024, of the remaining 3,225,400 non-vested shares, 915,722 are subject to time-based vesting and 2,309,628 are subject to performance-based vesting. At December 31, 2024, there are 1,784,563 awards available for grant. The Company has $10,846 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.6 years. The Company has established a trust for a certain officer in which vested common shares granted for the benefit of the officer was 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, 2024 and 2023, 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 $485, $499 and $480 of contributions are applicable to 2024, 2023 and 2022, respectively. During 2024, 2023 and 2022, the Company recognized $9,536, $8,210 and $6,636, respectively, in expense relating to scheduled vesting of common share grants.

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