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Stock-Based Compensation
 9 Months Ended
Sep. 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 had been exercised or 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 nine months ended September 30, 2023 relates to restricted stock and RSUs awarded in 2023, 2022, 2021, and 2020, and the ESPP. Compensation expense for the three and nine months ended September 30, 2022 relates to restricted stock and 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 nine months ended September 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Equity-classified awards:
Restricted stock$930 $779 $2,715 $2,348 
Market-based RSUs1,095 917 3,954 3,065 
Performance-based RSUs350 179 1,133 863 
Director grants408 385 1,193 1,086 
Employee Stock Purchase Plan34 39 104 133 
Total equity-classified award expense, net of forfeitures2,817 2,299 9,099 7,495 
Liability-classified awards
Time-vested RSUs— (116)61 (136)
Dividend equivalent units— 34 — 53 
Total liability-classified award expense, net of forfeitures— (82)61 (83)
Total stock-based compensation expense, net of forfeitures$2,817 $2,217 $9,160 $7,412 
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.