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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company currently has several types of employee stock-based compensation — restricted stock, restricted stock units ("RSUs"), and the Employee Stock Purchase Plan ("ESPP"). While the Company's plans also allow for the issuance of stock options, none were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of company stock.
The Company's compensation expense for the three and six months ended June 30, 2023 relates to restricted stock and RSUs awarded in 2023, 2022, 2021, and 2020, and the ESPP. Compensation expense for the three and six months ended June 30, 2022 relates to restricted stock, RSUs awarded in 2022, 2021, 2020, and 2019, and the ESPP. Restricted stock, the 2023 RSUs, 2022 RSUs, 2021 RSUs, and the 2020 RSUs are equity-classified awards (settled in shares of the Company) for which compensation expense per share is fixed. The 2019 RSUs were liability-classified awards (settled in cash) for which the expense fluctuated from period to period dependent, in part, on the Company's stock price. For the three and six months ended June 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Equity-classified awards:
Restricted stock$927 $789 $1,785 $1,569 
Market-based RSUs1,108 936 2,859 2,148 
Performance-based RSUs303 312 783 684 
Director grants400 369 785 701 
Employee Stock Purchase Plan33 42 70 94 
Total equity-classified award expense, net of forfeitures2,771 2,448 6,282 5,196 
Liability-classified awards
Time-vested RSUs— (152)61 (20)
Dividend equivalent units— 4 — 19 
Total liability-classified award expense, net of forfeitures— (148)61 (1)
Total stock-based compensation expense, net of forfeitures$2,771 $2,300 $6,343 $5,195 
Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Grants of Equity-Classified Awards
Under the 2019 Plan, in June 2023, the Company granted 81,909 shares of stock with a grant date value of $1.6 million to independent members of the Company's board of directors (the "Board") for their service as members of the Board. These shares vested on the issuance date, and the Company records the related expense over the director's one year service period.