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Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Note 7. Shareholders’ Equity
Share Awards
We have common shares available for issuance under the terms of our Amended and Restated 2012 Equity Compensation Plan, or our Share Award Plan. During the years ended December 31, 2023, 2022 and 2021, we awarded shares to our Trustees, officers and other employees of RMR as follows:
YearNumber of SharesWeighted Average Grant Date Fair ValueWeighted Average Value of Grants
2023438,000 $7.88 $3,451 
2022433,500 $6.63 $2,874 
2021340,700 $11.26 $3,839 
The value of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the awards. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and certain other employees of RMR (in those capacities) vest in five equal annual installments beginning on the date of the award. Shares forfeited are recognized as they occur. Share awards are expensed ratably over the vesting period and the value of such share awards are included in general and administrative expense in our consolidated statements of comprehensive income (loss). See Note 9 for a further discussion of the awards we made to our officers and certain other employees of RMR.
A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2023, 2022 and 2021 is as follows:
202320222021
Number
of
Shares		Weighted
Average
Grant Date
Fair Value		Number
of
Shares		Weighted
Average
Grant Date
Fair Value		Number
of
Shares		Weighted
Average
Grant Date
Fair Value
Unvested shares, beginning of year588,830 $8.81 425,030 $11.93 325,900 $14.71 
Shares awarded438,000 $7.88 433,500 $6.63 340,700 $11.26 
Shares vested(394,470)$9.21 (266,300)$10.20 (240,470)$14.78 
Shares forfeited(22,400)$8.91 (3,400)$12.08 (1,100)$12.96 
Unvested shares, end of year609,960 $7.88 588,830 $8.81 425,030 $11.93 
The 609,960 unvested shares as of December 31, 2023 are scheduled to vest as follows: 212,820 shares in 2024, 181,340 shares in 2025, 139,800 shares in 2026 and 76,000 shares in 2027. As of December 31, 2023, the estimated future compensation expense for the unvested shares was $4,294. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2023, 2022 and 2021, we recorded $3,417, $2,775 and $2,964, respectively, of compensation expense related to the Share Award Plan.
At December 31, 2023, 1,084,131 of our common shares remain reserved for issuance under our Share Award Plan.
Share Purchases
During the years ended December 31, 2023, 2022 and 2021, we purchased our common shares from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows:
YearAggregate Number
of Shares Purchased		Weighted Average
Purchase Price		Value
202398,571 $8.14$802
202269,867 $6.72$470
202171,100 $11.11$790
Distributions
During the years ended December 31, 2023, 2022 and 2021, we paid distributions on our common shares as follows:
Annual Per Share DistributionTotal DistributionsCharacterization of Distributions
Year Ordinary IncomeCapital GainReturn of Capital
Qualified Dividend (1)
2023$0.80$132,4309.30%86.15%4.55%6.25%
2022$0.23$38,044—%—%100.00%—%
2021$0.04$6,596—%—%100.00%—%
(1)Qualified Dividends are a subset of, and included in, the Ordinary Income amount.
On January 11, 2024, we declared a regular quarterly distribution of $0.20 per common share, or $33,154. This distribution was paid on February 15, 2024 to shareholders of record on January 22, 2024.
Cumulative Other Comprehensive Income (Loss)
Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of Sonesta. See Notes 4, 5 and 9 for further information regarding this investment.