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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders' Equity Dividends For the three months ended June 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $6.8 million and $6.2 million, respectively. For the six months ended June 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $13.7 million and $12.3 million, respectively. Equity-Based Compensation On April 21, 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") that increased the total number of shares of Common Stock, par value $0.001 per share, by 950,000 shares that may be utilized for awards pursuant to the Plan from 1,387,022 to 2,337,022. The A&R LTIP is included in the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 24, 2023. The A&R LTIP had 1,365,498 shares available as of June 30, 2023. 2021 Long-Term Incentive Plan The following table presents the Company's restricted stock activity during the six months ended June 30, 2023 under the A&R LTIP:
2021 Long-Term Incentive Plan
|  | Restricted Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2022 |  | 536,209 |  |  | $ | 18.39 |
Granted |  | 30,644 |  |  | $ | 37.43 |
Vested |  | (58,626) |  |  | $ | 20.26 |
Forfeited |  | (866) |  |  | $ | 16.30 |
Unvested at June 30, 2023 |  | 507,361 |  |  | $ | 19.11 |
For the three months ended June 30, 2023 and 2022, the total equity-based compensation expense was $1.2 million and $0.8 million, respectively. For the six months ended June 30, 2023 and 2022, the total equity-based compensation expense was $2.5 million and $1.9 million, respectively. Equity-based compensation expense is included in general and administrative costs on the Company's condensed consolidated statements of operations for the restricted share awards granted under the A&R LTIP. Approximately $7.0 million of additional equity-based compensation expense will be recognized over the weighted average life of 22 months for the unvested restricted share awards as of June 30, 2023 granted under the A&R LTIP.

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