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Stock Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions

The following assumptions were used in valuing the performance-based RSUs:

Volatility			25.0		%
Dividend assumption			5.4		%
Expected term			3 years
Risk-free rate			4.3		%
Stock price (per share)			$	26.62

Schedule of Nonvested Restricted Stock Activity

A summary of the restricted stock activity under the Company's 2014 Incentive Plan, as amended, for the three months ended March 31, 2024 and 2023 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods.

						Three Months Ended March 31,
(Dollars and shares in thousands)						2024			2023
Stock-based awards, beginning of period						1,374			1,708
			Stock in lieu of compensation			43			62
			Stock awards			47			67
			Total stock granted			90			129
			Vested shares (1)			(84)			—
			Forfeited shares			—			(1)
Stock-based awards, end of period						1,380			1,836
Amortization expense (1)						$	2,107		$	14,346
___________
1) Amortization expense for the three months ended March 31, 2023 included accelerated amortization totaling approximately $11.8 million upon the passing of our former CEO and President.

A summary of the Company's RSU activity during the three months ended March 31, 2024 and 2023, respectively, is included in the table below, as well as compensation expense recognized from the amortization of the value of RSUs over the applicable vesting periods.

						Three Months Ended March 31,
(Dollars and RSUs in thousands)						2024			2023
Restricted Stock Units, beginning of period						—			—
			Absolute TSR Performance-based RSUs granted			57			—
			Relative TSR Performance-based RSUs granted			43			—
			Time-based RSUs granted			34			—
			Total RSUs granted			134			—
			Vested RSUs			—			—
			Forfeited RSUs			—			—
Restricted Stock Units, end of period						134			—
Amortization expense						$	317		$	—
Grant Date Value Remaining at period end to be Amortized During the Performance Period						$	2,253		$	—
______________
(1) The number of Performance-based RSUs granted were based on target levels. Actual number of shares granted will be based on performance at the end of the performance period which is June 30, 2026. The Performance-based RSUs, if earned, will vest at the end of the performance period.
(2) The number of Time-based RSUs granted were based on target levels. One-third of these RSUs will vest on each of June 30, 2024, 2025, 2026.

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Schedule of Share-Based Payment Award, Valuation Assumptions

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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