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General & Administrative Expenses (Tables) | 12 Months Ended
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Dec. 31, 2020
General & Administrative Expenses [Abstract] |
General and Administrative Expenses | General and Administrative Expenses:
(Dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2018
Total Compensation to Employees and Directors |  | $ | 14,163 |  |  | $ | 10,331 |  |  | $ | 11,289
Office and Administrative Expenses |  |  | 2,413 |  |  |  | 2,633 |  |  |  | 2,449
Audit, Legal and Consultancy |  |  | 1,313 |  |  |  | 1,826 |  |  |  | 1,314
Total General and Administrative Expenses |  | $ | 17,890 |  |  | $ | 14,789 |  |  | $ | 15,052
Stock Compensation Series | Stock Compensation Series
|  | 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
(22) Granted January 2020, restricted shares |  |  | 460,000 |  | 3 years |  |  | 8.22
(23) Granted January 2020, restricted shares |  |  | 150,000 |  | 1 year |  |  | 8.22
(24) Granted January 2020, restricted shares |  |  | 200,000 |  | 1 year |  |  | 3.5637
Reconciliation of Outstanding Restricted Common Stock and Share Options | 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, 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 |  |  |  | - |  |  | $ | -
Outstanding at December 31, 2019 |  |  | 560,000 |  |  |  | - |  |  | $ | -
Granted |  |  | 810,000 |  |  |  |  |  |  |  |
Exercised* |  |  | 550,002 |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 819,998 |  |  |  | - |  |  | $ | -
*Does not include shares in lieu of dividends **To be adjusted for dividends declared and paid subsequent to the respective grant dates.
Stock Compensation Expense | Stock Compensation Expense
(Dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2018
Expense recognized from stock compensation |  | $ | 4,792 |  |  | $ | 2,532 |  |  | $ | 2,458
Remuneration of Executives and Directors | Remuneration of Directors and Executives as a group:
(Dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2018
Cash compensation |  | $ | 3,897 |  |  | $ | 3,518 |  |  | $ | 3,989
Pension cost |  |  | 33 |  |  |  | 36 |  |  |  | 202
Share compensation* |  |  | 4,364 |  |  |  | 2,003 |  |  |  | 2,250
Total remuneration |  | $ | 8,293 |  |  | $ | 5,556 |  |  | $ | 6,441
* Share compensation reflects the expense recognized.
Shares held by Executives and Directors | Shares held by Directors and Executives:
|  | 2020 |  |  | 2019 |  |  | 2018
Directors and Executives as a group* |  |  | 2,303,011 |  |  |  | 3,615,221 |  |  |  | 3,155,503
*Includes 619,998 (2019: 440,000, 2018: 465,000) shares of restricted stock subject to vesting conditions.

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