Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the "2018 Share Plan"), which was approved by the Company's shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses, and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include subsidiaries' officers and employees, Trust Managers, and certain of our subsidiaries' consultants and advisors. A total of 9.7 million shares ("Share Limit") was authorized for grant under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and stock appreciation rights, granted, and (2) 1.0 to 1.0 for every stock option or stock appreciation right granted. As of June 30, 2025, there were approximately 3.5 million common shares available for grant under the 2018 Share Plan, which would result in approximately 1.0 million shares which could be granted pursuant to full value awards conversion ratios as defined under the 2018 Share Plan.

Total compensation cost for share awards charged against income was approximately $4.5 million and $4.0 million for the three months ended June 30, 2025 and 2024, and approximately $8.7 million and $7.5 million for the six months ended June 30, 2025 and 2024, respectively. Total capitalized compensation costs for share awards were approximately $0.7 million and $1.5 million for the three months ended June 30, 2025 and 2024, and approximately $1.6 million and $2.7 million for the six months ended June 30, 2025 and 2024, respectively.


	Nonvested Share Awards Outstanding	Weighted Average Exercise / Grant Price
Nonvested share awards outstanding at December 31, 2024	216,190	$	108.07
Granted	235,527	118.84
Vested	(208,830)	117.77
Forfeited	(1,841)	109.40
Total nonvested share awards outstanding at June 30, 2025	241,046	$	110.16

Share Awards and Vesting. Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to an employee, also attains at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to vest, the value of the share awards to such individual is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted to individuals after they reach Retirement Eligibility vest on the date of grant.