Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
Stock-Based Compensation  
Schedule of LTIP Unit Activity

Number of

Date

Description

Units Issued

Vesting Dates

February 23, 2023

Final awards under the 2022 Annual Incentive Plan

68

50% on February 23, 2023; and

50% on February 23, 2024

February 23, 2023

Time-based awards under the 2023 Long-Term Incentive Plan

165

100% on February 23, 2026

Schedule of time-based vesting LTIP unit activity

Vested units

    

2,154

Unvested units

 

583

LTIP Units outstanding as of March 31, 2023

 

2,737

Schedule of the annual awards and long-term awards

During the three months ended March 31, 2023, there were 14 performance-based LTIP awards under the 2021 and 2022 programs that were forfeited. Additionally, none of the 2020 Long-Term Awards were earned. A detail of the Company’s Long-Term Awards under the 2021, 2022 and 2023 programs as of March 31, 2023 is as follows:

2021 Long-Term Awards

 

67

2022 Long-Term Awards

96

2023 Long-Term Awards (1)

154

Total target performance awards as of March 31, 2023

 

317

(1) Approved by the Board on February 23, 2023. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant.
Schedule of of the assumptions for the long-term awards using Monte Carlo simulations

Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations:

2023 Long-Term

2022 Long-Term

2021 Long-Term

    

Awards

    

Awards

    

Awards

    

Fair value

$

11.67

$

16.39

$

14.86

 

Target awards

 

154

 

96

 

67

 

Volatility

 

43.54

%  

 

41.65

%  

 

42.37

%  

Risk-free rate

 

4.35

%  

 

1.72

%  

 

0.26

%  

Dividend assumption

 

reinvested

 

reinvested

 

reinvested

 

Expected term in years

 

3

 

3

 

3