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LONG-TERM STOCK INCENTIVE PLAN | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
LONG-TERM STOCK INCENTIVE PLAN |
15. LONG-TERM STOCK INCENTIVE PLAN
Employees, Directors and other service providers of the Company are eligible to participate in the Company’s 2020 Equity Incentive Plan (the “Plan”), which provides for equity-based compensation in the form of stock options, share appreciation rights, dividend equivalent rights, restricted shares, restricted stock units (“RSUs”), and other share-based awards. The Company has the ability to award up to an aggregate of 125,000,000 shares under the terms of the Plan, subject to adjustment for any awards that were outstanding under the Company’s 2010 Equity Incentive Plan (the “Prior Plan”, collectively the “Plans") on the effective date of the Plan and subsequently expire, terminate, or are surrendered or forfeited. No new awards are permitted to be made under the Prior Plan, although existing awards remain effective. Restricted Stock Units The Company grants RSUs (including RSUs subject to performance conditions (“PSUs”)) to employees, which are generally valued based on the closing price of the underlying shares on the date of grant. For RSUs that vest, the underlying shares of common stock are delivered (net of required withholding tax) as outlined in the applicable award agreements. PSUs are subject to the Company’s achievement of specified performance criteria and the number of awards that vest can range from zero to 150% of the grant amount. Award agreements generally provide that vesting is accelerated in certain circumstances, such as death and disability. Delivery of the underlying shares of common stock, which generally occurs over a three-year period, is conditioned on the grantees satisfying certain vesting and other requirements outlined in the award agreements. The following table sets forth activity related to the Company’s RSUs and PSUs awarded under the Plans:
|  | For the year ended |  |  |
|  | December 31, 2020 |  |
|  | Number of Shares | Weighted Average Grant Date Fair Value |  |  |
|  | (dollars in thousands)
| Beginning balance | — |  | $ | — |  |  |  |
| Granted (1) | 1,790,759 |  | $7.24 |  |  |
| Vested | (100,100) |  | $9.99 |  |  |
| Forfeited (1) | (19,921) |  | $9.59 |  |  |
| Ending balance (2) | 1,670,738 |  | $7.05 |  |  |
| (1) Includes dividend equivalent rights. |  |  |
| (2) The ending balance includes 404,589 PSUs and related dividend equivalent rights subject to performance conditions and future service requirements, and represents the target amount of such PSUs that may be earned. |  |  |
The Company recognized stock based compensation expense of $3.7 million for the year ended December 31, 2020. As of December 31, 2020, there was $9.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 2.24 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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