Benefit Plans

12 Months Ended

Dec. 31, 2021

Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]

Benefit Plans

Benefit Plans

Non-vested share activity for the years ended December 31, 2021 and 2020, is as follows:

	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Balance at December 31, 2019	2,941,412	$	7.30
Granted	709,250	7.77
Vested	(613,504)	8.80
Forfeited	(332,429)	5.30
Balance at December 31, 2020	2,704,729	7.27
Granted	899,328	7.85
Vested	(1,303,149)	7.82
Forfeited	(10,264)	10.09
Balance at December 31, 2021	2,290,644	$	7.17

During 2021 and 2020, the Company granted common shares to certain employees and trustees as follows:

	2021		2020
Performance Shares(1)
Shares issued:
Index	297,636		232,993
Peer	297,632		232,987
Grant date fair value per share:(2)
Index	$	7.13	$	6.59
Peer	$	6.23	$	5.97
Non-Vested Common Shares:(3)
Shares issued	304,060		243,270
Grant date fair value	$	3,080	$	2,581

(1)The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2021, all of the 662,044 performance shares issued in 2018 vested. During 2020, 122,779 of the 452,737 performance shares issued in 2017 vested.

(2)The fair value of grants was determined at the grant date using a Monte Carlo simulation model.

(3)The shares vest ratably over a three-year service period.

In addition, during 2021, 2020 and 2019, the Company issued 50,245, 47,130, and 67,226, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $587, $500, and $595, respectively.

As of December 31, 2021, of the remaining 2,290,644 non-vested shares, 677,275 are subject to time-based vesting and 1,613,369 are subject to performance-based vesting. At December 31, 2021, there are 1,410,110 awards available for grant. The Company has $6,502 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.7 years.

The Company has established a trust for certain officers in which vested common shares granted for the benefit of the officers are deposited. The officers exert no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2021 and 2020, there were 130,863 common shares in the trust.

The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $426, $393 and $403 of contributions are applicable to 2021, 2020 and 2019, respectively.

During 2021, 2020 and 2019, the Company recognized $6,554, $6,185 and $5,831, respectively, in expense relating to scheduled vesting of common share grants.