v3.20.1

Long-Term Incentive Plan Units | 3 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement [Abstract] |
Long-Term Incentive Plan Units | Long-Term Incentive Plan Units OP LTIP Units subject to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election. Costs associated with the OP LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the three-month periods ended March 31, 2020 and 2019 was $0.2 million and $0.1 million, respectively. On March 4, 2020, the Company's Board of Directors authorized the issuance of 14,811 OP LTIP Units to certain of Ellington's personnel dedicated to the Company pursuant to the Company's 2017 Equity Incentive Plan. The below table details unvested OP LTIP Units as of March 31, 2020:
Grant Recipient |  | Number of OP LTIP Units Granted |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 14,552 |  |  | September 11, 2019 |  | September 10, 2020
Dedicated or partially dedicated personnel: |  |  |  |  |  |
|  | 12,818 |  |  | December 13, 2019 |  | December 13, 2020
|  | 10,067 |  |  | December 13, 2019 |  | December 13, 2021
|  | 8,691 |  |  | December 11, 2018 |  | December 11, 2020
|  | 4,977 |  |  | March 4, 2020 |  | December 31, 2020
|  | 9,834 |  |  | March 4, 2020 |  | December 31, 2021
Total unvested OP LTIP Units at March 31, 2020 |  | 60,939 |  |  |  |  |
(1) | Date at which such OP LTIP Units will vest and become non-forfeitable.
The following table summarizes issuance and exercise activity of OP LTIP Units for the three-month periods ended March 31, 2020 and 2019:
|  | Three-Month Period Ended
|  | March 31, 2020 |  | March 31, 2019
|  | Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
OP LTIP Units Outstanding (December 31, 2019 and January 1, 2019, respectively) |  | 365,518 |  |  | 180,198 |  |  | 545,716 |  |  | 375,000 |  |  | 146,371 |  |  | 521,371 |
Granted |  | — |  |  | 14,811 |  |  | 14,811 |  |  | — |  |  | — |  |  | — |
Exercised |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
OP LTIP Units Outstanding (March 31, 2020 and 2019, respectively) |  | 365,518 |  |  | 195,009 |  |  | 560,527 |  |  | 375,000 |  |  | 146,371 |  |  | 521,371 |
OP LTIP Units Unvested and Outstanding (March 31, 2020 and 2019, respectively) |  | — |  |  | 60,939 |  |  | 60,939 |  |  | — |  |  | 37,709 |  |  | 37,709 |
OP LTIP Units Vested and Outstanding (March 31, 2020 and 2019, respectively) |  | 365,518 |  |  | 134,070 |  |  | 499,588 |  |  | 375,000 |  |  | 108,662 |  |  | 483,662 |
There were an aggregate of 1,816,861 and 1,832,309 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan as of March 31, 2020 and December 31, 2019, respectively.

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