SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Share-Based Payment Award, Valuation Assumptions

For these TSR awards, the per unit of share fair value was estimated using the following assumptions:

Award Year	Expected Life ( yrs)	Dividend Rate	Risk-Free Interest Rate			Expected Price Volatility
2022	3	4.57%	2.23%	to	3.11%	35.60%	to	47.40%
2021	3	4.93%	0.02%	to	0.34%	47.19%	to	59.01%

Schedule of Changes in Number of Shares Outstanding Under Equity Incentive Plans

	Year Ended December 31,
	2022	2021
Outstanding at beginning of the year	922,619	744,145
Issued	158,973	316,774
Cancelled	(250)	(950)
Vested	(147,250)	(137,350)
Outstanding at the end of the year	934,092	922,619

Schedule of Compensation Expense Recorded for All Incentive Plans

The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands):

	Year Ended December 31,
	2022		2021
Restricted stock grants	$	2,978	$	2,321
Restricted stock units	1,508		620
Total compensation	$	4,486	$	2,941

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands):

	Year Ended December 31,
	2022		2021
Numerator for basic and diluted earnings per share:
Net income	$	50,099	$	29,250
Deduct (earnings) attributable to non-controlling interests	(144)		(136)
Deduct (earnings) allocated to unvested restricted stock	(2,472)		(1,412)
Net income available for common stockholders: basic and diluted	$	47,483	$	27,702
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	17,793,035		17,017,690
Effect of dilutive securities:
RSUs	59,916		66,952
Denominator for diluted earnings per share:
Weighted average number of shares	17,852,951		17,084,642
Earnings per common share, basic	$	2.67	$	1.63
Earnings per common share, diluted	$	2.66	$	1.62

Schedule of Equity Distribution Agreements

The following table reflects the sale of shares pursuant to the equity distribution agreements entered into on March 18, 2022, with three sales agents in an at-the-market offering (dollars in thousands):

	Number of Shares Sold	Average Price		Gross Proceeds		Commissions and Fees		Net Proceeds		Dollar Value of Shares Sold
Aggregate amount available under agreements										$	40,000
2022 (a)	347,815	$	22.62	$	7,870	$	98	$	7,772	(7,870)
	347,815			$	7,870	$	98	$	7,772
Remaining amount available under agreements:										$	32,130

____________________________

(a) Subsequent to March 17, 2022.

The following table reflects the sale of shares pursuant to the equity distribution agreements entered into on November 26, 2019, as amended, with three sales agents in an at-the-market offering (dollars in thousands):

	Number of Shares Sold	Average Price		Gross Proceeds		Commissions and Fees		Net Proceeds		Dollar Value of Shares Sold
Aggregate amount available under agreements										$	30,000
2019	111,963	$	18.06	$	2,022	$	31	$	1,991	(2,022)
2020	694,298	17.71		12,293		185		$	12,108	(12,293)
2021	529,126	18.47		9,771		147		$	9,624	(9,771)
2022 (a)	100,000	22.06		2,206		33		$	2,173	(2,206)
	1,435,387			$	26,292	$	396	$	25,896
Remaining amount not available under agreements (b):										$	3,708

____________________________

(a) Through March 17, 2022.

(b) The amount remaining was no longer available after March 17, 2022.