As of September 30, 2021, the Company has outstanding awards under the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan (the “2012 Plan"), which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plan. The compensation committee of the board of directors administers the 2012 Plan. As of the Effective Date and pursuant to the Plan, all nonvested restricted stock was deemed vested and the 2012 Plan was terminated. See Note 2 for more information regarding the EIP.

Share-based compensation expense related to the restricted stock awards was $241 and $375 for the three months ended September 30, 2021 and 2020, respectively; and $784 and $1,880 for the nine months ended September 30, 2021 and 2020, respectively. Share-based compensation cost capitalized as part of real estate assets was $2 and $4 for the three months ended September 30, 2021 and 2020, respectively; and, $8 and $16 for the nine months ended September 30, 2021 and 2020, respectively.

A summary of the status of the Company’s nonvested restricted stock awards as of September 30, 2021, and changes during the nine months ended September 30, 2021, is presented below:

	Shares			Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2021		1,519,606		$	2.15
Granted		—		$	—
Vested		(480,463	)	$	3.11
Forfeited		(23,581	)	$	2.73
Nonvested at September 30, 2021		1,015,562		$	1.69

As of September 30, 2021, there was $1,083 of total unrecognized compensation cost related to nonvested stock awards granted under the plans, which is expected to be recognized over a weighted-average period of 1.7 years.

A summary of the Company’s long-term incentive program (“LTIP”) is disclosed in Note 18 to the consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020. Outstanding restricted stock, and related grant/vesting/forfeiture activity during 2021 for awards made to named executive officers under the LTIP, is included in the information presented in the table above.

There were no performance stock units (“PSUs”) granted in 2021. The 1,103,537 outstanding PSUs at September 30, 2021 were granted in the first quarter of 2019. Of that amount, 566,862 PSUs are classified as a liability due to the potential cash component, which is described in the summary of the Company’s LTIP program set forth in Note 18 to the consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020. None of the PSUs outstanding at September 30, 2021 were vested. As of the Effective Date and pursuant to the Plan, all outstanding PSUs were deemed cancelled.

Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense, for awards classified as equity, is recorded regardless of whether any PSU awards are earned as long as the required service period is met.

Share-based compensation expense related to the PSUs was $94 and $2,410 for the three months ended September 30, 2021 and 2020, respectively; and $283 and $2,828 for the nine months ended September 30, 2021 and 2020, respectively. Unrecognized compensation costs related to the PSUs was $264 as of September 30, 2021, which is expected to be recognized over a weighted-average period of 1.5 years.