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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2023
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:
At Grant Date
20232022
Volatility34.00%33.89%
Risk free interest rate4.45%0.79 %-1.76%
Dividend Yield3.20%3.24%
Schedule of Restricted Stock Unit Activity
The following table summarizes the Company's RSU activity during the nine months ended September 30, 2023:
Unvested Time-
Based RSUs
Unvested Performance
and Market-Based RSUs
Weighted-Average Grant
Date Value Per Share
Outstanding as of January 1, 2023123,427 712,051 $23.35 
Shares granted152,393 445,828 $18.40 
Shares vested(30,256)(60,042)$30.85 
Unearned performance shares added back to Share Limit— (69,803)$31.40 
Shares forfeited(1,343)(3,263)$19.51 
Outstanding as of September 30, 2023244,221 1,024,771 $20.04 
Schedule of Company's Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation expense:
Three months ended September 30Nine months ended September 30
2023202220232022
Incentive Award Plan, net (a)$2,307 $1,527 $6,576 $3,929 
Employee Share Purchase Plan (b)34 — 34 — 
Stock-based compensation expense, net$2,341 $1,527 $6,610 $3,929 
(a)As of September 30, 2023, there was $12,329 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2025.
(b)As of September 30, 2023, there was $239 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2025.