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Benefit Plans
 12 Months Ended
Dec. 31, 2023
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Benefit Plans Benefit Plans
Non-vested share activity for the years ended December 31, 2023 and 2022, is as follows:
Number of
Shares		Weighted-Average Grant-Date Fair
Value Per Share
Balance at December 31, 20212,290,644 $7.17 
Granted
860,665 10.97 
Vested
(951,472)7.00 
Forfeited
(140,947)9.21 
Balance at December 31, 20222,058,890 8.70 
Granted
1,191,697 7.97 
Vested
(526,453)9.08 
Forfeited
(184,661)6.34 
Balance at December 31, 20232,539,473 $8.45 

During 2023 and 2022, the Company granted common shares to certain employees and trustees as follows:
20232022
Performance Shares(1)
Shares issued:
Index
407,611 282,720 
Peer
407,606 282,715 
Grant date fair value per share:(2)
Index
$6.96 $9.40 
Peer
$6.50 $8.78 
Non-Vested Common Shares:(3)
Shares issued
376,480 295,230 
Grant date fair value
$4,010 $4,304 
(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 2023, 266,812 of the 443,359 outstanding performance shares issued in 2020 vested. During 2022, all of the 552,121 performance shares issued in 2019 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 2023, 2022 and 2021, the Company issued 93,007, 69,937 and 50,245, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $939, $849 and $587, respectively.

As of December 31, 2023, of the remaining 2,539,473 non-vested shares, 642,552 are subject to time-based vesting and 1,896,921 are subject to performance-based vesting. At December 31, 2023, there are 2,994,544 awards available for grant. The Company has $9,157 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 a certain officer in which vested common shares granted for the benefit of the officers are deposited. The officer exerts 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, 2023 and 2022, 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 $499, $480 and $426 of contributions are applicable to 2023, 2022 and 2021, respectively.
During 2023, 2022 and 2021, the Company recognized $8,210, $6,636 and $6,554, respectively, in expense relating to scheduled vesting of common share grants.