Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Dividends

For the three months ended June 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $6.8 million and $6.2 million, respectively. For the six months ended June 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $13.7 million and $12.3 million, respectively.

Equity-Based Compensation

On April 21, 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") that increased the total number of shares of Common Stock, par value $0.001 per share, by 950,000 shares that may be utilized for awards pursuant to the Plan from 1,387,022 to 2,337,022. The A&R LTIP is included in the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 24, 2023. The A&R LTIP had 1,365,498 shares available as of June 30, 2023.

2021 Long-Term Incentive Plan

The following table presents the Company's restricted stock activity during the six months ended June 30, 2023 under the A&R LTIP:

2021 Long-Term Incentive Plan
	Restricted Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	536,209	$	18.39
Granted	30,644	$	37.43
Vested	(58,626)	$	20.26
Forfeited	(866)	$	16.30
Unvested at June 30, 2023	507,361	$	19.11

For the three months ended June 30, 2023 and 2022, the total equity-based compensation expense was $1.2 million and $0.8 million, respectively. For the six months ended June 30, 2023 and 2022, the total equity-based compensation expense was $2.5 million and $1.9 million, respectively. Equity-based compensation expense is included in general and administrative costs on the Company's condensed consolidated statements of operations for the restricted share awards granted under the A&R LTIP. Approximately $7.0 million of additional equity-based compensation expense will be recognized over the weighted average life of 22 months for the unvested restricted share awards as of June 30, 2023 granted under the A&R LTIP.