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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2022
Share Based Compensation [Abstract] |
Share-Based Compensation | Note 9. Share-Based Compensation The following tables set forth certain share-based compensation information for the three months ended March 31, 2022 and 2021, respectively:
|  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Expense relating to share/unit grants |  | $ | 584,000 |  |  | $ | 929,000 |
Amounts capitalized |  |  | (42,000 | ) |  |  | (49,000 | )
Total charged to operations |  | $ | 542,000 |  |  | $ | 880,000 |
|  |  |  |  |  | Weighted average |
|  | Shares |  |  | grant date value |
Unvested shares/units, December 31, 2021 |  |  | 492,000 |  |  | $ | 23.47 |
Restricted share grants |  |  | 4,000 |  |  |  | 25.11 |
Vested during period |  |  | (33,000 | ) |  |  | 24.34 |
Unvested shares/units, March 31, 2022 |  |  | 463,000 |  |  | $ | 23.42 |
During the three months ended March 31, 2022 there were 4,000 restricted shares issued, with a weighted average grant date fair value of $25.11 per share. President and CEO Employment Contract On June 15, 2018, the Company’s President and CEO was granted a market performance-based equity award of 227,272 restricted stock units (“RSUs”) and 227,272 dividend equivalent rights (“DERs”) of the Company. Each RSU represents a contingent right to receive one common share if certain market performance criteria are achieved. Each DER accrues and will be deemed to be reinvested into the Company’s common stock for which payment will only be made for the portion of the market performance-based equity award that are earned and vest. During the three years ending June 15, 2021 (the “Interim Performance Period”), a maximum of 113,636 shares were earned. Any portion of the market performance-based equity award that was not earned as of the end of the Interim Performance Period will be carried forward for calculation for the five years ending June 15, 2023 (the “Full Performance Period”). The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. Linear interpolation shall be applied to determine the percentage of the market performance-based equity award that is earned where the average annual TSR over the performance period falls between the percentages set forth above. Based on market performance for the Interim Performance Period, it was determined the Company’s President and CEO earned 113,636 shares. Accordingly, on July 20, 2021, the Company issued 113,636 common shares to the CEO and paid him $0.3 million for the related DERs. The DERs will accrue and will be deemed to be reinvested into the Company’s common stock and payment with respect to the dividend equivalent rights will be deferred until the end of the Interim Performance Period, or the Full Performance Period, as the case may be, to coincide with the vesting, if any, of the market performance-based equity award. Payment will only be made for the portion of the market performance-based equity award that is earned and vests.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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