v3.25.4
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Options Granted
All stock options granted have ten-year contractual lives, containing vesting terms of three to five years. As of December 31, 2025 and 2024, the Company had 333,972 and 2,603,664, respectively, of shares under options with a weighted average exercise price per share of $25.52 and $24.10, respectively. 2,269,692 options were forfeited during the year ended December 31, 2025 with a weighted average exercise price of $23.89. No options were exercised during the year ended December 31, 2025. As of December 31, 2025, the remaining average contractual term of shares under options was less than one year. There are 333,972 shares under options exercisable with a weighted average price per share of $25.52 with no intrinsic value as of December 31, 2025.
Schedule of Restricted Share Activity
The following table presents information regarding restricted share activity during the year ended December 31, 2025:
SharesWeighted Average Grant Date Fair Value per Share
Unvested at January 1, 2025106,814 $16.81 
Granted43,378 20.12 
Vested(40,803)16.86 
Forfeited(35,352)17.07 
Unvested at December 31, 202574,037 $18.60 
Schedule of Share-based Compensation Expense
Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income and comprehensive income, is summarized as follows:
Year Ended December 31,
(Amounts in thousands)202520242023
Share-based compensation expense components:
LTIP expense(1)
$7,017 $5,269 $4,052 
Performance-based LTI expense(2)
4,200 4,184 2,883 
Stock option expense— — 20 
Restricted share expense564 859 732 
DSU expense42 119 124 
Total Share-based compensation expense$11,823 $10,431 $7,811 
(1) LTIP expense includes the time-based portion of the 2025, 2024, 2023, 2022, and 2021 LTI Plans.
(2) Performance-based LTI expense includes the performance-based portion of the 2025, 2024, 2023, 2022, 2021, 2020 and 2019 LTI Plans.
Disclosure of Units, Deferred Share Units, and Restricted Share Units Granted to Trustees
All trustees are granted annual awards in the form of LTIP units, Deferred Share Units (“DSU”), or Restricted Share Units (“RSU”). The following table presents trustee awards granted over the last three years:
Award DateAward Type# of Units GrantedWeighted Average Grant Date Fair Value Per Unit
May 7, 2025LTIP46,152$16.25
May 7, 2025RSU6,77618.45
May 6, 2024LTIP40,02514.99
May 6, 2024DSU8,52814.07
May 6, 2024RSU7,03617.06
May 3, 2023LTIP56,55612.73
May 3, 2023DSU10,05011.94
May 3, 2023RSU8,29314.47
March 15, 2023RSU8,35213.94