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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 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
202420232022
Volatility31.00%34.00%33.89%
Risk free interest rate4.42%4.45%0.79 %-1.76%
Dividend Yield3.40%3.20%3.24%
Schedule of Restricted Stock Unit Activity
The following table summarizes the Company's RSU activity under the Incentive Award Plan:
Unvested Time-
Based RSUs
Unvested Performance
and Market-Based RSUs
Weighted Average Grant
Date Price Per Share
Outstanding as of January 1, 2022138,235471,368$30.12
Shares granted127,862396,338$18.97
Shares vested(135,491)(76,520)$29.36
Unearned performance shares(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(69,803)$31.40
Shares forfeited(1,343)(3,263)$19.51
Outstanding as of December 31, 2023147,5921,024,771$19.36
Shares granted197,884335,936$19.78
Shares vested(155,511)(113,954)$26.33
Unearned performance shares(82,665)$28.90
Shares forfeited(2,190)(17,360)$17.41
Outstanding as of December 31, 2024187,7751,146,728$17.71
Schedule of Activity Under the ESPP
The following table summarizes the Company's activity under the ESPP:
Year ended December 31
20242023
Shares purchased13,90711,728
Discounted issuance price$20.14$20.07
Issuance proceeds$280$235
Schedule of Company's Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation expense:
Year ended December 31
202420232022
Incentive Award Plan, net (a)$9,759 $8,953 $6,541 
Employee Stock Purchase Plan (b)137 68 — 
Stock-based compensation expense, net$9,896 $9,021 $6,541 
(a)As of December 31, 2024, there was $10,225 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2027.
(b)As of December 31, 2024, there was $76 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2026