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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Valuation Assumptions
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%
Summary of Restricted Stock Unit Activity
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