In May 2016, our shareholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan (the “Incentive Plan”), which provides for the grants of awards to our directors, officers, employees, and consultants. The Incentive Plan authorizes the grant of restricted or unrestricted shares of our common stock, performance share units (“PSUs”), non-qualified

and incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), dividend equivalents and other stock- or cash-based awards. In conjunction with the amendment, the number of shares of common stock issuable under the Incentive Plan was increased to 4,300,000 shares and the term of the Incentive Plan was extended to May 12, 2026.

Under the Incentive Plan or predecessor incentive plans, we have granted restricted shares, SARs, and PSUs. For the years ended December 31, 2019, 2018 and 2017 we recognized $3,166, $2,524 and $1,968 of stock compensation expense, respectively.

The restricted shares granted under the Incentive Plan generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share awards activity is presented below.

	2019					2018					2017
	Number of Shares			Weighted Average Grant Date Fair Value Per Share		Number of Shares			Weighted Average Grant Date Fair Value Per Share		Number of Shares			Weighted Average Grant Date Fair Value Per Share
Balance, January 1,		303,819		$	8.22		295,847		$	7.84		281,005		$	6.99
Granted		213,744			10.39		233,706			8.64		168,010			9.17
Vested		(174,367	)		9.27		(175,555	)		7.99		(142,748	)		7.68
Forfeited		(16,655	)		9.75		(50,179	)		8.45		(10,420	)		8.56
Balance, December 31,		326,541		$	9.54		303,819		$	8.22		295,847		$	7.84

As of December 31, 2019, the unearned compensation cost relating to unvested restricted common share awards was $2,132, which will be recognized over a weighted-average period of 2.3 years. The estimated fair value of restricted common share awards vested during 2019, 2018, and 2017 was $1,836, $1,539, and $1,319, respectively.

	2019					2018					2017
	SARs			Weighted Average Exercise Price		SARs			Weighted Average Exercise Price		SARs			Weighted Average Exercise Price
Outstanding, January 1,		195,000		$	9.35		250,000		$	9.28		337,000		$	9.15
Granted		—			—		—			—		—			—
Expired		—			—		—			—		—			—
Exercised		(186,000	)		9.35		(55,000	)		9.02		(84,000	)		8.78
Forfeited		—			—		—			—		(3,000	)		9.35
Outstanding, December 31,		9,000		$	9.35		195,000		$	9.35		250,000		$	9.28
SARs exercisable at December 31,		9,000					195,000					160,000

As of December 31, 2019, our closing common stock price was $14.08. The exercise price of all outstanding SARs was $9.35. Therefore, the total intrinsic value of SARs outstanding and exercisable at December 31, 2019 was $43. The weighted average contractual life of outstanding and exercisable SARs is 0.1 years. As of December 31, 2019, there was no unearned compensation cost relating to unvested SAR awards.

The PSUs granted under the Incentive Plan have a three-year performance period and are generally based on (1) market performance as measured by total shareholder return for 70%-80% of the award and (2) a subjective performance condition tied to achievement of specified individual criteria for 20%-30% of the award. The PSUs vest 50% upon the Compensation Committee’s determination as to the satisfaction of the performance criteria (which shall be within two months of the last day of the performance period) and 50% on the first anniversary of the last day of the performance period, subject to continued service through such dates. A summary of PSU activity is presented below.

	2019				2018				2017
	Number of Shares		Weighted Average Grant Date Fair Value Per Share		Number of Shares		Weighted Average Grant Date Fair Value Per Share		Number of Shares		Weighted Average Grant Date Fair Value Per Share
Balance, January 1,		453,748	$	7.04		150,980	$	7.12		—		—
Granted (1)		263,929		8.35		302,768		7.00		150,980		7.12
Forfeited		—		—		—		—		—		—
Balance, December 31,		717,677	$	7.52		453,748	$	7.04		150,980	$	7.12

Subsequent to December 31, 2019, the compensation committee reviewed three-year performance through December 31, 2019 for the PSUs granted in 2017 and awarded 226,469 shares of stock (150% of the 150,980 target PSUs), which represented the maximum numbers of shares that could be granted for both the market performance and subjective performance portions of the awards. Half of the shares awarded under the 2017 PSUs vested immediately while the other half vest on December 31, 2020.

Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows:

The Company estimates future expenses associated with PSUs outstanding at December 31, 2019 to be $2,649, which will be recognized over a weighted-average period of 2.5 years.

Subsequent to December 31, 2019, our compensation committee awarded 134,198 restricted stock awards valued at a weighted-average price of $14.35, or $1,926 in the aggregate. These awards vest over a 2 or 3-year period.