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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. The Company is authorized to grant up to 3,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of December 31, 2022, 1,060,241 shares were available for future issuance under the Incentive Award Plan. Outstanding awards granted are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights.
The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:
Year ended
December 31, 2022
Volatility33.89%
Risk free interest rate0.79 %-1.76%
Dividend Yield3.24%
On February 18, 2021, the Board approved grants of time-based and performance-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $28.90 as of December 1, 2020.
On February 23, 2021, the Company announced the expected retirement of its President and Chief Executive Officer in August 2021, which resulted in accelerated recognition of certain stock-based compensation expenses. The Company also announced the appointment of certain executives in establishing a plan of succession. In connection with the appointments, the Board approved one-time grants of time-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $28.90 as of December 1, 2020.
The following table summarizes the Company's RSU activity during the years ended December 31, 2022, 2021, and 2020:
Unvested Time-
Based RSUs		Unvested Performance
and Market-Based RSUs		Weighted Average Grant
Date Price Per Share
Outstanding as of January 1, 2020129,570138,964$31.40
Shares granted125,579248,434$31.40
Shares vested(114,434)—$31.40
Shares forfeited(30,333)(55,303)$31.40
Outstanding as of December 31, 2020110,382332,095$31.40
Shares granted209,539218,835$28.90
Shares vested(167,806)—$30.04
Shares forfeited(13,880)(79,562)$30.73
Outstanding as of December 31, 2021138,235471,368$30.12
Shares granted127,862396,338$18.97
Shares vested(135,491)(76,520)$29.36
Shares forfeited(7,179)(79,135)$29.07
Outstanding as of December 31, 2022123,427712,051$23.35
As of December 31, 2022, there was $8,302 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2024. The Company recognized stock-based compensation expense of $6,541, $9,116 and $4,449 for the years ended December 31, 2022, 2021 and 2020, respectively, as a part of general and administrative expenses