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Compensation Plans
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Compensation Plans Compensation Plans
Share-Based Payment Transactions
The Company issues restricted stock awards under the 2014 Equity and Cash Incentive Plan (the "2014 Plan"). Restricted stock awards represent common shares issued and outstanding upon grant subject to vesting restrictions. The following table represents a roll-forward of outstanding restricted stock and related activity during the three months ended March 31, 2020:
 
Shares
 
Weighted-Average
Grant Date Price
per Share
Outstanding restricted stock as of December 31, 2019
227,844

 
$
175.49

Grants issued
3,850

 
90.24

Grants vested
(4,100
)
 
138.04

Grants forfeited
(1,225
)
 
168.45

Total outstanding restricted stock as of March 31, 2020
226,369

 
$
174.76


As of March 31, 2020, 209,118 common shares remained available for awards under the 2014 Plan.
Total deferred equity compensation related to unvested restricted stock was $18.7 million as of March 31, 2020. Compensation expense related to restricted stock is calculated based upon the fair market value of the common shares on grant date. The Company's policy is to adjust compensation expense for forfeitures as they occur. The recognition of compensation expense related to deferred compensation over the remaining vesting periods is as follows:
Nine Months 
 Remaining In
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
$
4,676,431

 
$
5,257,317

 
$
4,277,823

 
$
2,226,661

 
$
1,112,714

 
$
1,135,804

 
$
18,686,750


Stock Grant Transactions
The following table represents common shares issued as part of our incentive compensation program during the three months ended March 31, 2020 and 2019:
 
Shares Issued
 
Grant Date Value
March 31, 2020
23,640

 
$
3,396,359

March 31, 2019
24,048

 
$
3,655,296


Deferred Compensation Plans
The Company offers two deferred compensation plans, the Diamond Hill Fixed Term Deferred Compensation Plan and the Diamond Hill Variable Term Deferred Compensation Plan (collectively the “Plans”). Under the Plans, participants may elect to voluntarily defer, for a minimum of five years, certain incentive compensation, that the Company then contributes into the Plans. Participants are responsible for designating investment options for assets they contribute, and the distribution paid to each participant reflects any gains or losses on the assets realized while in the Plans. Assets held in the Plans are included in the Company’s investment portfolio, and the associated obligation to participants is included in deferred compensation liability. Deferred compensation liability was $22.9 million and $30.3 million as of March 31, 2020 and December 31, 2019, respectively.