The Company’s 2016 Incentive Compensation Plan (the “2016 Plan”) was approved by stockholders in May 2016. Under the 2016 Plan, Perdoceo may grant to eligible participants awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, annual incentive awards, and substitute awards, which generally may be settled in cash or shares of our common stock. The vesting of all types of awards is subject to possible acceleration in certain circumstances. If a plan participant terminates employment for any reason other than by death or disability during the vesting period, the right to unvested awards is generally forfeited.

For the years to date ended September 30, 2020 and 2019, the Company granted approximately 0.3 million and 0.2 million restricted stock units, respectively, to be settled in shares of stock which are not “performance-based,” with a grant-date fair value of approximately $4.4 million for each of the respective periods.

Additionally, for the years to date ended September 30, 2020 and 2019, the Company granted approximately 0.3 million and 0.2 million restricted stock units, respectively, to be settled in shares of stock which are “performance-based,” with a grant-date fair value of approximately $3.9 million and $4.7 million, respectively. The performance-based restricted stock units are subject to performance conditions which are determined at the time of grant and typically cover a three-year performance period. These performance conditions may result in all units being forfeited even if the requisite service period is met.

The Company granted no restricted stock units during the quarter ended September 30, 2020, and granted all prior year restricted stock units referenced above during the quarter ended September 30, 2019. Awards pursuant to the 2016 Plan are typically granted annually to eligible employees during the first quarter of each year; however, in 2019, these awards were deferred until August 2019.

There were no stock options granted during the quarter and year to date ended September 30, 2020. The Company granted approximately 0.1 million stock options with a grant-date fair value of approximately $0.6 million during the quarter and year to date ended September 30, 2019.

Total share-based compensation expense for the quarters and years to date ended September 30, 2020 and 2019 for all types of awards was as follows (dollars in thousands):

	For the Quarter Ended September 30,				For the Year to Date Ended September 30,
Award Type	2020		2019		2020			2019
Stock options	$	265	$	400	$	963		$	1,260
Restricted stock units settled in stock		2,962		1,113		8,759			2,651
Restricted stock units settled in cash		-		340		(240	)		1,777
Total share-based compensation expense	$	3,227	$	1,853	$	9,482		$	5,688

As of September 30, 2020, we estimate that compensation expense of approximately $23.0 million will be recognized over the next four years for all unvested share-based awards that have been granted to participants. This amount excludes any estimates of forfeitures.