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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The following table summarizes the Company's restricted stock unit ("RSU") activity for the nine months ended September 30, 2019:
 
Unvested
Time-Based
RSUs
 
Unvested Performance-Based RSUs
 
Weighted-Average Grant Date Price Per Share (a)
Outstanding as of January 1, 2019
1,548,150

 
—

 
$3.18
Shares granted
1,225,170

 
967,201

 
$3.14
Shares vested
(227,707
)
 
—

 
$3.14
Shares forfeited
(202,441
)
 
(40,779
)
 
$3.17
Outstanding at September 30, 2019
2,343,172

 
926,422

 
$3.15

(a)
On an annual basis, the Company engages an independent third-party valuation advisory firm to estimate the per share value of the Company's common stock.
On May 8, 2019, the board of directors approved the grant of time-based and performance-based RSUs under the Company's 2015 Incentive Award Plan. Stock-based compensation expense is recognized on a straight-line basis over the vesting period for time-based RSUs and recognized, when achievement of the performance condition is deemed probable, on a straight-line basis over the vesting period for performance-based RSUs. Forfeitures of all stock-based awards are recognized as they occur.
As of September 30, 2019, there was $7,161 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2019, 2020 and 2021, as applicable. The Company recognized stock-based compensation expense of $1,289 and $3,454 for the three and nine months ended September 30, 2019, respectively, and $1,103 and $3,187 for the three and nine months ended September 30, 2018, respectively, as a part of general and administrative expenses on the condensed consolidated statements of operations and comprehensive income.