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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
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
20242023
Volatility31.00%34.00%
Risk free interest rate4.42%4.45%
Dividend Yield3.40%3.20%
Schedule of Restricted Stock Unit Activity
The following table summarizes the Company's RSU activity during the nine months ended September 30, 2024:
Unvested Time-
Based RSUs
Unvested Performance
and Market-Based RSUs
Weighted-Average Grant
Date Price Per Share
Outstanding as of January 1, 2024147,592 1,024,771 $19.36
Shares granted197,884 335,936 $19.78
Shares vested(42,600)(113,954)$27.17
Unearned performance shares— (82,665)$28.90
Shares forfeited(2,190)(17,360)$17.41
Outstanding as of September 30, 2024300,686 1,146,728 $18.29
Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity
The following table summarizes the Company's common stock activity under the ESPP:
Nine months ended
September 30, 2024
Gross shares purchased13,907
Discounted issuance price$20.07
Issuance proceeds$280
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
2024202320242023
Incentive Award Plan, net (a)$2,539 $2,307 $7,227 $6,576 
Employee Stock Purchase Plan (b)33 34 102 34 
Stock-based compensation expense, net$2,572 $2,341 $7,329 $6,610 
(a)As of September 30, 2024, there was $12,757 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2027.
(b)As of September 30, 2024, there was $111 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2026.