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Shareholders' Equity and Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents a rollforward of share-based awards for the periods indicated:
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Type of Award |  | Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Shares |  | Weighted Average Grant Date Fair Value Per Share
Restricted stock: |  |  |  |  |  |  |  |
Awards outstanding, beginning of period |  | 104,282 |  |  | $ | 12.61 |  |  | 133,951 |  |  | $ | 15.22 |
Granted |  | 46,544 |  |  | 12.50 |  |  | 27,932 |  |  | 11.97 |
Vested |  | (76,865) |  |  | 12.76 |  |  | (36,573) |  |  | 16.75 |
Awards outstanding, end of period |  | 73,961 |  |  | $ | 12.39 |  |  | 125,310 |  |  | $ | 14.05 |
Target RSUs: (1) |  |  |  |  |  |  |  |
Awards outstanding, beginning of period |  | 394,497 |  |  | $ | 13.06 |  |  | 86,666 |  |  | $ | 16.57 |
Granted |  | 214,755 |  |  | 12.50 |  |  | 106,850 |  |  | 11.97 |
Vested |  | (68,896) |  |  | 14.42 |  |  | (33,213) |  |  | 13.50 |
Awards outstanding, end of period |  | 540,356 |  |  | $ | 12.66 |  |  | 160,303 |  |  | $ | 14.14 |
Target PSUs: (2) |  |  |  |  |  |  |  |
Awards outstanding, beginning of period |  | 276,866 |  |  | $ | 13.17 |  |  | 201,284 |  |  | $ | 16.60 |
Granted |  | 322,132 |  |  | 12.50 |  |  | 160,277 |  |  | 11.97 |
Vested |  | — |  |  | — |  |  | — |  |  | — |
Awards outstanding, end of period |  | 598,998 |  |  | $ | 12.81 |  |  | 361,561 |  |  | $ | 16.60 |
(1)The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met. (2)The number of PSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% to 200% based on the achievement of the performance goals defined in each grant award.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Total share-based compensation expense recognized by the Company for the three months ended March 31, 2024 was $4.3 million compared to $1.0 million for the three months ended March 31, 2023. The increase in share-based compensation for the quarter ended March 31, 2024 is due to accelerated recognition of expense for certain stock incentive awards granted in March 2024 to retirement eligible employees. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of March 31, 2024, which will be amortized over the period disclosed:
| March 31, 2024
($s in thousands) | Remaining Compensation Cost |  | WAVG Period of Recognition
Restricted stock | $ | 685 |  |  | 2.2 years
RSUs | 4,360 |  |  | 2.5 years
PSUs | 2,810 |  |  | 2.5 years
Total | $ | 7,855 |  |  | 2.5 years

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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