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Stock-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans We account for our stock-based compensation plans in accordance with the provisions of FASB ASC 718, Stock Compensation, which requires that a company measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in the consolidated statement of operations over the period during which an employee is required to provide service in exchange for the award. Restricted and Performance Stock Grants We are authorized to issue, among other things, shares of restricted and performance-based stock to eligible employees and restricted stock to directors of up to 2,050,000 shares under the Amended and Restated 2016 Omnibus Incentive Plan (“Plan”). Shares issued under the Plan that are cancelled, forfeited or expire by their terms are eligible to be granted again under the Plan. As part of the Plan, we currently grant shares of restricted stock to eligible employees and our independent directors and performance-based shares to eligible employees. We grant eligible employees two types of restricted stock (standard restricted shares and long-term retention restricted shares). Standard restricted shares granted to employees become fully vested no earlier than three years after the date of grant. Long-term retention restricted shares granted to selected executives vest at a 25% rate on or within approximately two months of an executive reaching the ages 60 and 63, and become fully vested on or within approximately two months of an executive reaching the age 65. Restricted shares granted to directors become fully vested upon the first anniversary of the date of grant. Performance-based shares issued to eligible employees are subject to a three-year measuring period and the achievement of performance targets and, depending upon the achievement of such performance targets, they may become vested no earlier than three years after the date of grant. Each period we evaluate the probability of achieving the applicable targets, and we adjust our accrual accordingly. Restricted shares (other than long-term retention restricted shares) and performance shares issued to certain key executives and directors are subject to a one or two year holding period upon the lapse of the vesting period. Forfeitures on stock grants are estimated at 5% for employees and 0% for executives and directors based on our evaluation of historical and expected future turnover. Our restricted and performance-based share activity was as follows for the nine months ended September 30, 2024:
| Shares |  | Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2023 | 880,976 |  | $ | 29.48 |
Granted | 6,775 |  | 27.64 |
Vested | (44,121) |  | 29.75 |
Forfeited | (32,050) |  | 29.95 |
Balance at September 30, 2024 | 811,580 |  | $ | 29.43 |
We recorded compensation expense related to restricted shares and performance-based shares of $4.1 million ($3.1 million, net of tax) and $4.9 million ($3.7 million, net of tax) for the nine months ended September 30, 2024 and 2023, respectively. The unrecognized compensation expense related to our restricted and performance-based shares was $8.6 million at September 30, 2024, and is expected to be recognized as they vest over a weighted average period of 3.4 years and 0.6 years for employees and directors, respectively.

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