Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (the Stock Bonus Plan), which allowed for the awarding of shares of common stock to employees. The Stock Bonus Plan was administered by the Board of Directors (the “Board”). The Board had sole discretion to establish the terms, restrictions, size, and type of award to be granted and to whom it will grant. The Board also periodically defined or restricted the maximum number of shares it awarded in each period.

During the three months ended March 31, 2021, the Board granted 49,383 shares. The shares have a vesting period of up to four years during which there are certain restrictions as defined by the Stock Bonus Plan and Stock Bonus Agreements. The grant date fair value of the Company’s shares, as determined by a third-party valuation and approved by the Board at the time of award was $12.80 per share.

The following table summarizes the activity of restricted shares subject to forfeiture:

	Number of shares			Weighted Average Grant Price
Outstanding at January 1, 2021		702,926		$	12.80
Granted		49,383			12.80
Vested		(56,699	)		12.80
Outstanding at March 31, 2021		695,610		$	12.80

The following table represents the change in the liability to common shares subject to repurchase and the associated non-cash compensation expense for the three months ended March 31, 2021 and the year ended December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Beginning Balance	$	842	$	8,267
Non-cash compensation from ratable vesting		41		2,712
Non-cash compensation from change in fair value of liability		2		2,457
Other stock activity, net		516		(786	)
Reclassification upon modification		0		(11,808	)
Ending balance	$	1,401	$	842

As of March 31, 2021, the Company had 21,026 of unvested stock awards that vest between April 1, 2021 and December 31, 2024.

The future expense of the unvested awards for the remainder of 2021 and succeeding years is as follows (in thousands):

2021	$	2,343
2022		2,071
2023		1,832
2024		951
Total	$	7,197