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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Incentive Award Plan
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 December 31, 2023, 536,429 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:
At Grant Date
20232022
Volatility34.00%33.89%
Risk free interest rate4.45%0.79 %-1.76%
Dividend Yield3.20%3.24%

The following table summarizes the Company's RSU activity during the years ended December 31, 2023, 2022, and 2021:
Unvested Time-
Based RSUs		Unvested Performance
and Market-Based RSUs		Weighted Average Grant
Date Price Per Share
Outstanding as of January 1, 2021110,382332,095$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
Unearned performance shares added back to Share Limit—(61,102)$31.40
Shares forfeited(7,179)(18,033)$23.42
Outstanding as of December 31, 2022123,427712,051$23.35
Shares granted152,393445,828$18.40
Shares vested(126,885)(60,042)$29.50
Unearned performance shares added back to Share Limit—(69,803)$31.40
Shares forfeited(1,343)(3,263)$19.51
Outstanding as of December 31, 2023147,5921,024,771$19.36

Employee Stock Purchase Plan
Employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock under the ESPP, of which 3,288,272 shares remain available as of December 31, 2023.
The following table summarizes the Company's common stock activity under the ESPP:
Year ended
December 31, 2023
Shares purchased11,728
Issuance price$20.07
Issuance proceeds$235
Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation expense:
Year ended December 31,
202320222021
Incentive Award Plan, net (a)$8,953 $6,541 $9,116 
Employee Stock Purchase Plan (b)68 — — 
Stock-based compensation expense, net$9,021 9021$6,541 $9,116 
(a)As of December 31, 2023, there was $9,975 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2025.
(b)As of December 31, 2023, there was $205 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2025.