Share-Based Payments

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

On September 23, 2009, our board of directors approved the Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan ("2009 LTIP") and on April 16, 2019, our board of directors approved the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan ("2019 LTIP," and together with the 2009 LTIP, the "LTIPs"), which amended and restated the 2009 LTIP. Following the approval of the 2019 LTIP by our stockholders at our 2019 annual meeting of stockholders on June 12, 2019, no additional awards will be granted under the 2009 LTIP and all outstanding awards granted under the 2009 LTIP remain in effect in accordance with the terms in the 2009 LTIP.

The 2019 LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7,000,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of directors (the "Compensation Committee") and all grants under the LTIPs must be approved by the Compensation Committee.

We recognized stock-based compensation expense of $4.3 million and $8.5 million for the three and six months ended June 30, 2020, respectively, related to restricted stock and RSU vesting, as compared to $4.3 million and $8.2 million for the three and six months ended June 30, 2019, respectively.

The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the six months ended June 30, 2020:



	Type	Restricted Stock		RSUs		Grant Date Fair Value ($ in thousands)
Outstanding at December 31, 2019		25,356		2,007,355
	Granted	82,235		54,867		906
	Vested	(25,356	)	—		N/A
	Forfeiture	—		(9,254	)	N/A
Outstanding at June 30, 2020		82,235		2,052,968

Below is a summary of restricted stock and RSU vesting dates as of June 30, 2020:



Vesting Year	Restricted Stock	RSU	Total Awards
2020	—	960,120	960,120
2021	82,235	701,118	783,353
2022	—	373,441	373,441
2023	—	18,289	18,289
Total	82,235	2,052,968	2,135,203

At June 30, 2020, we had unrecognized compensation expense of approximately $0.4 million and $27.0 million, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above.

RSU Deliveries

During the six months ended June 30, 2020 and 2019, we delivered 503,251 and 433,426 shares of common stock for

868,157 and 730,717 vested RSUs, respectively. We allow RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on the condensed consolidated statement of changes in stockholders' equity. The adjustment was $6.5 million and $5.0 million for the six months ended June 30, 2020 and 2019, respectively. The adjustment is a reduction of capital related to our equity incentive plan and is presented net of increases of capital related to our equity incentive plan in the condensed consolidated statement of changes in stockholders' equity.