Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant

cash and equity incentive awards to eligible employees, directors, and consultants. Time-based restricted stock units ("RSU") awards granted to employees vest equally on each of the first three anniversaries of the applicable vesting commencement date, subject to the employees' continued service to the Company. The time-based RSU awards granted to directors vest on the earlier of the one-year anniversary of the applicable grant date or the date of the Company's next annual meeting of its shareholders following the grant date, subject to the directors' continued service to the Company. Performance-based RSU awards granted to employees vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels. Under the Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of March 31, 2021, 15,192,719 shares were available for future issuance under the Incentive Award Plan.

On February 18, 2021, the Board approved grants of time-based and performance-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $2.89 as of December 1, 2020.

On February 23, 2021, the Company announced the expected retirement of its President and Chief Executive Officer in August 2021, which resulted in the acceleration of certain stock-based compensation expenses. The Company also announced the appointment of certain executives in establishing a plan of succession. In connection with the appointments, the Board approved grants of time-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $2.89 as of December 1, 2020.

The following table summarizes the Company's RSU activity during the three months ended March 31, 2021:


	Unvested Time- Based RSUs	Unvested Performance- Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2021	1,103,816	3,320,954	$	3.14
Shares granted	1,674,172	1,894,256	$	2.89

Shares forfeited	—	(431,246)	$	3.14
Outstanding as of March 31, 2021	2,777,988	4,783,964	$	3.01

As of March 31, 2021, there was $9,755 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2023. The Company recognized stock-based compensation expense of $2,496 and $528 for the three months ended March 31, 2021 and 2020, respectively.