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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
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 issue or transfer up to 3,000,000 shares (the “Share Limit”) of the Company's common stock pursuant to awards granted under the Incentive Award Plan. As of March 31, 2023, 574,423 shares were available for future issuance under the Incentive Award Plan. Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:
|  | Three months ended March 31, 2023 |  | Three months ended March 31, 2022
Volatility |  | 34.00% |  | 33.89%
Risk free interest rate |  | 4.45% |  | 0.79% | —% | 1.76%
Dividend Yield |  | 3.20% |  | 3.24%
The following table summarizes the Company's RSU activity during the three months ended March 31, 2023:
| Unvested Time- Based RSUs |  | Unvested Performance and Market-Based RSUs |  | Weighted-Average Grant Date Value Per Share
Outstanding as of January 1, 2023 | 123,427 |  |  | 712,051 |  |  | $ | 23.35 |
Shares granted | 109,793 |  |  | 445,828 |  |  | $ | 18.08 |
Shares vested | — |  |  | (60,042) |  |  | $ | 31.40 |
Unearned performance shares added back to Share Limit | — |  |  | (69,803) |  |  | $ | 31.40 |
Outstanding as of March 31, 2023 | 233,220 |  |  | 1,028,034 |  |  | $ | 18.06 |
As of March 31, 2023, there was $16,181 of total estimated unrecognized compensation expense related to unvested stock-based compensation arrangements which will be recognized through December 2025. The Company recognized stock-based compensation expense of $1,967 and $1,082 for the three months ended March 31, 2023 and 2022, respectively.

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