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Share Based Compensation
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Share Based Compensation Share-Based Compensation
The Company recognizes share-based compensation expense for share-based payment transactions based on the grant date fair value. The expense is recognized over the employee's requisite service period, which is generally the vesting period of the equity award. The Company recognized share-based compensation expense in administrative expenses of $2.2 million and $7.3 million for the three and nine months ended September 30, 2021, respectively, and $2.1 million and $7.9 million for the three and nine months ended September 30, 2020, respectively. Share-based compensation expense includes charges for performance-based shares and units that are deemed probable to vest.

As of September 30, 2021, the total unrecognized compensation expense related to non-vested restricted share awards and units was approximately $11.3 million, which is expected to be recognized on a straight-line basis through 2024.
During the nine months ended September 30, 2021, the Company issued 207,077 restricted shares, and canceled 85,466 vested shares to settle payroll taxes on behalf of employees. Additional shares may be issued based upon the satisfaction of certain performance criteria. The Company also issued 23,025 shares to non-employee directors at fair value that vested immediately.