General & Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2019

General and Administrative Expenses:

(Dollars in thousands)	2019		2018		2017
Total Compensation to Employees and Directors	$	10,331	$	11,289	$	11,655
Office and Administrative Expenses		2,633		2,449		2,147
Audit, Legal and Consultancy		1,826		1,314		3,377
Total General and Administrative Expenses	$	14,789	$	15,052	$	17,180

	Number of shares/options		Vesting Period	Fair value at grant date
(1) Granted October 2005, stock options		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options		155,000	5 years		1.31
(5) Granted June 2013, stock options		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years		4.61
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years		2.30
(19) Granted January 2019, restricted shares		360,000	3 years		4.25
(20) Granted January 2019, restricted shares		200,000	3 years		3.04
(21) Granted March 2019, restricted shares		210,000	1 year	$	4.60

The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **

Outstanding at December 31, 2016		1,376,820		310,000		9.64
Granted		900,000
Exercised*		1,132,988
Forfeited		57,501
Outstanding at December 31, 2017		1,086,331		310,000	$	9.64

Outstanding at December 31, 2017		1,086,331		310,000		9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

Outstanding at December 31, 2018		545,500		-		-
Granted		770,000
Exercised*		755,500
Forfeited		-
Outstanding at December 31, 2019		560,000		-	$	-

*Does not include shares in lieu of dividends

**To be adjusted for dividends declared and paid subsequent to the respective grant dates.

(Dollars in thousands)		2019				2018				2017
Expense recognized from stock compensation			2,532				2,458				4,806

Remuneration of Directors and Executives as a group:

*Share compensation reflects the expense recognized.

Shares held by Directors and Executives:

		2019				2018				2017
Directors and Executives as a group*			3,615,221				3,155,503				2,729,680

*Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.