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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2022
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Note 8. Shareholders' Equity Common Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2012 Equity Compensation Plan, or our Share Award Plan. During the years ended December 31, 2022, 2021 and 2020, we awarded shares to our Trustees, officers and other employees of RMR as follows:
| Year |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Value of Grants
| 2022 |  | 433,500 |  |  | $ | 6.63 |  |  | $ | 2,874 |
| 2021 |  | 340,700 |  |  | $ | 11.26 |  |  | $ | 3,839 |
| 2020 |  | 305,400 |  |  | $ | 8.91 |  |  | $ | 2,722 |
The value of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the awards. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and certain other employees of RMR (in those capacities) vest in five equal annual installments beginning on the date of award. Shares forfeited are recognized as they occur. Share awards are expensed ratably over the vesting period and the value of such share awards are included in general and administrative expense in our consolidated statements of comprehensive income (loss). See Note 10 for a further discussion of the awards we made to our officers and certain other employees of RMR. A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2022, 2021 and 2020 is as follows:
| 2022 |  | 2021 |  | 2020
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares, beginning of year | 425,030 |  |  | $ | 11.93 |  |  | 325,900 |  |  | $ | 14.71 |  |  | 194,540 |  |  | $ | 26.59 |
Shares awarded | 433,500 |  |  | $ | 6.63 |  |  | 340,700 |  |  | $ | 11.26 |  |  | 305,400 |  |  | $ | 8.91 |
Shares vested | (266,300) |  |  | $ | 10.20 |  |  | (240,470) |  |  | $ | 14.78 |  |  | (173,190) |  |  | $ | 17.76 |
Shares forfeited | (3,400) |  |  | $ | 12.08 |  |  | (1,100) |  |  | $ | 12.96 |  |  | (850) |  |  | $ | 26.93 |
Unvested shares, end of year | 588,830 |  |  | $ | 8.81 |  |  | 425,030 |  |  | $ | 11.93 |  |  | 325,900 |  |  | $ | 14.71 |
The 588,830 unvested shares as of December 31, 2022 are scheduled to vest as follows: 206,940 shares in 2023, 173,920 shares in 2024, 131,040 shares in 2025 and 76,900 shares in 2026. As of December 31, 2022, the estimated future compensation expense for the unvested shares was $4,452. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2022, 2021 and 2020, we recorded $2,775, $2,964 and $3,206, respectively, of compensation expense related to the Share Award Plan. At December 31, 2022, 1,401,160 of our common shares remain reserved for issuance under our current Share Award Plan. Share Repurchases During the years ended December 31, 2022, 2021 and 2020, we repurchased our common shares from certain of our officers and certain current or former employees of RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows:
Year |  | Aggregate Number of Shares Repurchased |  | Weighted Average Repurchase Price |  | Value
2022 |  | 69,867 |  |  | $6.72 |  | $470
2021 |  | 71,100 |  |  | $11.11 |  | $790
2020 |  | 43,751 |  |  | $7.90 |  | $346
Distributions During the years ended December 31, 2022, 2021 and 2020, we paid distributions on our common shares as follows:
|  | Annual Per Share Distribution |  | Total Distribution |  | Characterization of Distribution
Year |  |  |  | Ordinary Income |  | Capital Gain |  | Return of Capital |  | Qualified Dividend
2022 |  | $0.23 |  | $38,044 |  | —% |  | — |  | 100.00% |  | —%
2021 |  | $0.04 |  | $6,596 |  | —% |  | — |  | 100.00% |  | —%
2020 |  | $0.57 |  | $93,804 |  | —% |  | — |  | 100.00% |  | —%
On January 12, 2023, we declared a distribution of $0.20 per common share, or $33,091, to our common shareholders which we paid on February 16, 2023, to shareholders of record on January 23, 2023. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive loss of Sonesta. See Notes 5 and 10 for further information regarding these investments. The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the year ended December 31, 2022:
|  |  | Equity in |  |
|  |  | Unrealized Gain |  |
|  |  | (Loss) of Investees |  | Total
Balance at December 31, 2020 |  |  | $ | (760) |  |  | $ | (760) |
Other comprehensive loss |  |  | 1,539 |  |  | 1,539 |
Balance at December 31, 2021 |  |  | 779 |  |  | 779 |
Other comprehensive income |  |  | 1,604 |  |  | 1,604 |
Balance at December 31, 2022 |  |  | $ | 2,383 |  |  | $ | 2,383 |

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