During 2017, the Company, with the approval of shareholders, created the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan permits the award of up to 800 thousand shares to the Company’s directors and employees to attract and retain exceptional personnel, motivate performance and most importantly to help align the interests of the Company’s executives with those of the Company’s shareholders. There were 19,045 service time based share awards and 50,187 performance based share awards granted under the 2017 Plan during the three month period ended March 31, 2020, as shown in the table below. The actual number of performance based shares issued will depend on the relative performance of the Company’s average return on equity compared to a group of peer companies over a three year vesting period, ending December 31, 2022. As of March 31, 2020, 406,315 shares are still available to be awarded from the 2017 Plan.

The restricted stock awards were granted with a fair value price equal to the market price of the Company’s common stock at the date of the grant. Expense recognized was $337 thousand for the three month period ended March 31, 2020. Expense recognized was $320 thousand for the three month period ended March 31, 2019. As of March 31, 2020, there was $2.3 million of total unrecognized compensation expense related to the nonvested shares granted under the 2017 Plan. The remaining cost is expected to be recognized over 2.9 years.

The following is the activity under the Plans during the three month period ended March 31, 2020.

	Three Months Ended March 31, 2020
	Maximum Awarded Service Units			Weighted Average Grant Date Fair Value		Maximum Awarded Performance Units		Weighted Average Grant Date Fair Value
Beginning balance - non-vested shares		81,165		$	14.17		192,665	$	13.72
Granted		19,045			15.75		50,187		15.93
Vested		(2,000	)		14.65		0		0
Forfeited		0			0		0		0
Ending balance - non-vested shares		98,210		$	14.47		242,852	$	14.18

The 2,000 shares that vested during the three month period ended March 31, 2020 had a weighted average fair value of $16.26 per share at vesting date.