Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Dividends

For the three months ended March 31, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $6.9 million and $6.2 million, respectively.

Equity-Based Compensation

The Company's long-term equity incentive plan (the "2021 LTIP") had 1,387,022 shares of common stock available for issuance, of which 434,920 shares remained available as of March 31, 2023. Subsequent to March 31, 2023, an amendment and restatement of the 2021 LTIP was approved at the Company's annual meeting of stockholders held on April 21, 2023. For more information, see Note 13 - Subsequent Events.

2021 Long-Term Incentive Plan

The following table presents the Company's restricted stock activity during the three months ended March 31, 2023 under the 2021 LTIP:

2021 Long-Term Incentive Plan
	Restricted Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	536,209	$	18.39
Granted	16,364	$	31.62
Vested	(47,957)	$	18.14
Forfeited	(365)	$	16.30
Unvested at March 31, 2023	504,251	$	18.63

For the three months ended March 31, 2023 and 2022, the total equity-based compensation expense is $1.3 million and $1.0 million, respectively, for all periods and is included in general and administrative costs on the Company's condensed consolidated statement of operations for the restricted share awards granted under the 2021 LTIP. Approximately $7.6 million of additional equity-based compensation expense will be recognized over the weighted average life of 25 months for the unvested restricted share awards as of March 31, 2023 granted under the 2021 LTIP.