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Stock-Based Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement
Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):

Year Ended December 31,
202220212020
Compensation expense$1,022 $854 $643 
Share-based Compensation, Activity
The following table presents restricted stock unit award activity for the periods indicated:
Weighted-
Average Grant
Number ofDate Fair Value
Shares
per Share (1)
Restricted stock unit awards at January 1, 2020
18,782 $37.05 
Granted under 2018 LTIP (2)
20,346 $24.85 
Vested(9,578)$36.36 
Forfeited(2,060)$30.07 
Restricted stock unit awards at December 31, 2020
27,490 $28.64 
Granted under 2018 LTIP (3)
26,369 $29.70 
Vested(14,244)$30.20 
Forfeited(1,350)$28.92 
Restricted stock unit awards at December 31, 2021
38,265 $28.78 
Granted under 2018 LTIP (4)
26,796 $31.83 
Granted as inducement awards (5)
30,518 $33.75 
Vested(21,814)$29.22 
Forfeited(3,521)$30.33 
Restricted stock unit awards at December 31, 2022
70,244 $31.89 
____________________
(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.
(2)The aggregate grant date fair value of restricted stock unit awards issued during 2020 was $0.5 million based on a grant date market price of our common shares ranging from $24.77 to $26.23 per share.
(3)The aggregate grant date fair value of restricted stock unit awards issued during 2021 was $0.8 million based on grant date market prices of our common shares ranging from $29.70 to $30.00 per share.
(4)The aggregate grant date fair value of restricted stock unit awards issued during 2022 was $0.9 million based on grant date market prices of our common shares ranging from $31.80 to $37.42 per share.
(5)These awards were granted in connection with the acquisition of Firebird and Phoenix (see Note 6 for further information). The aggregate grant date fair value of these restricted stock unit awards issued on August 12, 2022 was $1.0 million based on a grant date market price of our common shares of $33.75 per share.
The following table presents performance share unit award activity for the periods indicated:
Weighted-
Average Grant
Number ofDate Fair Value
Shares
per Share (1)
Performance share unit awards at January 1, 2020
2,787 $43.00 
Granted under 2018 LTIP (2)
10,781 $24.92 
Performance factor increase (3)
3,981 $24.92 
Vested(713)$28.55 
Forfeited(595)$30.22 
Performance share unit awards at December 31, 2020
16,241 $27.67 
Granted under 2018 LTIP (4)
12,205 $29.70 
Performance factor decrease (3)
(4,493)$29.70 
Vested(2,461)$43.00 
Forfeited— $— 
Performance share unit awards at December 31, 2021
21,492 $26.64 
Granted under 2018 LTIP (5)
13,458 $31.80 
Performance factor increase (3)
159 $31.80 
Vested(3,125)$28.22 
Forfeited(1,297)$30.87 
Performance share unit awards at December 31, 2022
30,687 $28.59 
____________________
(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.
(2)The aggregate grant date fair value of performance share unit awards issued during 2020 was $0.3 million based on a grant date market price of our common shares ranging from $24.77 to $26.23 per share and assuming a performance factor of 100 percent.
(3)The performance factor for awards granted in 2020 increased to 138.5 percent based on a comparison of actual results for 2020 to performance goals. The performance factor for awards granted in 2021 decreased to 63.1 percent based upon a comparison of actual results for 2021 to performance goals. The performance factor for awards granted in 2022 increased to 101.4 percent based upon a comparison of actual results for 2022 to performance goals.
(4)The aggregate grant date fair value of performance share unit awards issued during 2021 was $0.4 million based on a grant date market price of our common shares of $29.70 per share and assuming a performance factor of 100 percent.
(5)The aggregate grant date fair value of performance share unit awards issued during 2022 was $0.4 million based on a grant date market price of our common shares of $31.80 per share and assuming a performance factor of 100 percent.