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Subsequent Event
3 Months Ended
Mar. 31, 2020
Subsequent Event  
Subsequent Event

14. Subsequent Event

As a result of the recent impact of the COVID-19 pandemic on the Company’s stock price, the Company’s compensation committee elected to utilize the Company’s average closing stock price during the last 30 trading days of 2019, to determine the number of shares to be granted in 2020. On April 27, 2020, the Company granted 104,857 shares of time-vested stock awards under the LTIP to employees and to our non-employee directors at a weighted average grant date fair value of $26.75. Time-vested stock awards granted to non-employee directors vest over one year, time-vested stock awards granted to employees vest ratably on April 27, 2020, March 23, 2022 and March 23, 2023. The Company also granted 79,788 performance share awards under the LTIP at target, which cliff vest on December 31, 2022, at a weighted average grant date fair value of $34.10. The number of shares ultimately earned under a performance award may vary from zero to 200% of the target shares awarded, based upon the Company’s performance compared to certain metrics. The metrics used were determined at the time of the grant by the Compensation Committee of the Board of Directors and were either based on internal measures, such as the Company’s financial performance compared to target, or on a market-based metric, such as the Company’s stock performance compared to a peer group. Performance awards cliff vest upon attainment of the stated performance targets and minimum service requirements and are paid in shares of the Company’s common stock.