Stock-Based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Compensation expense	$	1,193	$	1,022	$	854

Schedule of Share-based Compensation, Activity

The following table presents restricted stock unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Restricted stock unit awards at January 1, 2021	27,490	$	28.64
Granted under 2018 LTIP (2)	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 (3)	26,796	$	31.83
Granted as inducement awards (4)	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
Granted under 2018 LTIP (5)	23,409	$	57.18
Vested	(32,399)	$	32.15
Forfeited	(2,667)	$	46.95
Restricted stock unit awards at December 31, 2023	58,587	$	41.16

____________________

(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 2021 was $0.8 million based on grant date market prices of our common shares ranging from $29.70 to $30.00 per share.

(3)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.

(4)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.

(5)The aggregate grant date fair value of restricted stock unit awards issued during 2023 was $1.3 million based on grant date market prices of our common shares ranging from $37.56 to $58.05 per share.

The following table presents performance share unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Performance share unit awards at January 1, 2021	16,241	$	27.67
Granted under 2018 LTIP (2)	12,205	$	29.70
Awards cancelled due to 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 (4)	13,458	$	31.80
Awards increased due to performance factor increase (3)	159	$	31.80
Vested	(3,125)	$	38.22
Forfeited	(1,297)	$	30.87
Performance share unit awards at December 31, 2022	30,687	$	28.59
Granted under 2018 LTIP (5)	12,061	$	56.84
Awards cancelled due to performance factor decrease (3)	(11,824)	$	56.82
Vested	(12,680)	$	25.12
Forfeited	(820)	$	38.86
Performance share unit awards at December 31, 2023	17,424	$	31.03

____________________

(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 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.

(3)The performance factor for awards granted in 2021 was set at 63.1 percent based on a comparison of actual results for 2021 to performance goals. The performance factor for awards granted in 2022 was set at 101.4 percent based upon a comparison of actual results for 2022 to performance goals. The performance factor for awards granted in 2023 was set at 0.0 percent based upon a comparison of actual results for 2023 to performance goals.

(4)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.

(5)The aggregate grant date fair value of performance share unit awards issued during 2023 was $0.7 million based on a grant date market price of our common shares ranging from $38.42 to $58.05 per share and assuming a performance factor of 100 percent.