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Share-Based Compensation - Summary (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Feb. 17, 2023
Feb. 28, 2023
Jun. 30, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Share-based compensation cost       $ 2,818 $ 2,743    
Weighted-Average Grant Date Fair Value              
Weighted average grant-date fair value, granted           $ 6,120  
Restricted Stock Awards              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Share-based compensation cost     $ 1,797 1,696   $ 3,640 $ 3,318
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]              
Nonvested, beginning of period (shares)           662,875  
Granted (shares)           356,278  
Vested (shares)           (265,341)  
Forfeited (shares)           (12,780)  
Nonvested, end of period (shares)     741,032     741,032  
Weighted-Average Grant Date Fair Value              
Weighted average grant-date fair value, nonvested, beginning of period (USD per share)           $ 27.42  
Weighted average grant-date fair value, granted (USD per share)           26.21  
Weighted average grant-date fair value, vested (USD per share)           26.25  
Weighted average grant-date fair value, forfeited (USD per share)           26.13  
Weighted average grant-date fair value, nonvested, ending of period (USD per share)     $ 27.28     $ 27.28  
Unrecognized compensation cost related to nonvested stock awards     $ 16,530     $ 16,530  
Compensation cost to be recognized over a weighted-average period           2 years 4 months 24 days  
Weighted average grant-date fair value, granted           $ 9,336  
Total fair value of shares vested           $ 6,755  
RSU component award vesting performance period   3 years          
Granted (shares)           356,278  
weighted-average grant date fair value     $ 27.28     $ 27.28  
Restricted Stock Awards | Minimum              
Weighted-Average Grant Date Fair Value              
Component percentage in long-term incentive program   40.00%          
Restricted Stock Awards | Maximum              
Weighted-Average Grant Date Fair Value              
Component percentage in long-term incentive program   45.00%          
Performance Stock Awards              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]              
Share-based compensation cost     $ 1,410 $ 1,122   $ 2,819 $ 2,243
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]              
Nonvested, beginning of period (shares)           607,128  
Granted (shares)           157,789  
Forfeited (shares)           (51,019)  
Nonvested, end of period (shares)     736,519     736,519  
Weighted-Average Grant Date Fair Value              
Weighted average grant-date fair value, nonvested, beginning of period (USD per share)           $ 24.69  
Weighted average grant-date fair value, granted (USD per share)           38.79  
Weighted average grant-date fair value, forfeited (USD per share)           24.87  
Weighted average grant-date fair value, nonvested, ending of period (USD per share) $ 38.79 [1]   $ 27.82     $ 27.82  
Unrecognized compensation cost related to nonvested stock awards     $ 15,626     $ 15,626  
Compensation cost to be recognized over a weighted-average period           2 years 9 months 18 days  
Pecentage of shares issued based on achievement of long term relative TSR performance   40.00%          
Percentage of shares issued based on achievement of TSR performance   60.00%          
PSU component performance period   3 years          
Performance period 3 years            
Granted (shares)           157,789  
Incremental granted (shares) [2]           22,621  
Weighted average incremental grant-date fair value, granted (USD per share) [2]           23.81  
weighted-average grant date fair value $ 38.79 [1]   $ 27.82     $ 27.82  
Risk-free interest rate (as a percent) [3] 4.37%            
Expected share price volatility (as a percent) [4] 62.50%            
Performance Stock Awards | Chief Executive Officer              
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]              
Granted (shares) 63,114            
Weighted-Average Grant Date Fair Value              
Weighted average grant-date fair value, nonvested, ending of period (USD per share) $ 40.64            
Granted (shares) 63,114            
weighted-average grant date fair value $ 40.64            
Performance Stock Awards | Officer              
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]              
Granted (shares) 94,675            
Weighted-Average Grant Date Fair Value              
Weighted average grant-date fair value, nonvested, ending of period (USD per share) $ 37.55            
Granted (shares) 94,675            
weighted-average grant date fair value $ 37.55            
Performance Stock Awards | Minimum              
Weighted-Average Grant Date Fair Value              
Component percentage in long-term incentive program   55.00%          
Performance Stock Awards | Maximum              
Weighted-Average Grant Date Fair Value              
Component percentage in long-term incentive program   60.00%          
[1] The value of the PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $37.55 per share (which relates to absolute TSR).
[2] PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.
[3] The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.
[4] The computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money.