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Stock based payments and director fees | 6 Months Ended
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Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock based payments and director fees | Note 10 — Stock-based payments and director fees Pursuant to the terms of the Management Agreement, the Company pays a portion of the base fee to the Manager in shares of its common stock with the number of shares determined based on the higher of the most recently reported book value or the average of the closing prices of its common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of its common stock is paid. The Company paid the Manager a base management fee for the three and six months ended June 30, 2016 of $0.9 million and $1.8 million, respectively, of which the Company paid $0.2 million and $0.5 million, respectively, in 15,684 and 30,600 shares, respectively, of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions. In addition, each of the Company’s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company’s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands except share amounts). Management fees and director fees
|  | For the three-months ended June 30, 2016 |  |  | For the three-months ended June 30, 2015 |
|  | Number of shares |  |  | Amount of expense recognized(1) |  |  | Number of shares |  |  | Amount of expense recognized(1) |
Management Fees |  |  | 15,684 |  |  | $ | 234 |  |  |  | 29,790 |  |  | $ | 411 |
Independent Director Fees |  |  | 1,672 |  |  |  | 25 |  |  |  | 1,740 |  |  |  | 25 |
|  |  | 17,356 |  |  | $ | 259 |  |  |  | 31,530 |  |  | $ | 436 |
|  | For the six-months ended June 30, 2016 |  |  | For the six-months ended June 30, 2015 |
|  | Number of shares |  |  | Amount of expense recognized(1) |  |  | Number of shares |  |  | Amount of expense recognized(1) |
Management Fees |  |  | 30,600 |  |  | $ | 462 |  |  |  | 55,877 |  |  | $ | 814 |
Independent Director Fees |  |  | 3,320 |  |  |  | 52 |  |  |  | 3,488 |  |  |  | 50 |
|  |  | 33,920 |  |  | $ | 514 |  |  |  | 59,365 |  |  | $ | 864 |
(1) All management fees and independent director fees are fully expensed in the period in which they are incurred. The Director Plan is designed to promote the Company’s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company’s Board of Directors. The total number of shares of common stock or other stock-based award, including grants of long term incentive plan (“LTIP”) units from the operating partnership, available for issuance under the Director Plan is 100,000 shares. At the closing of the Original Private Placement, the Company issued to each of its three independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. At the time of the IPO in February 2015, the Company added an additional independent director who was also granted a restricted stock award of 2,000 shares of its common stock, subject to a one-year vesting period. The following table sets forth the activity in its restricted stock plan ($ in thousands, except share and per share amounts):
Restricted stock |  | Number of shares |  |  | Per share value |  |  | Total cost of grant |  |  | Grant expense recognized for the three months ended June 30, 2016 |  |  | Grant expense recognized for the six months ended June 30, 2016 |
July 8, 2014, Directors’ Grants(1) |  |  | 6,000 |  |  | $ | 15.00 |  |  | $ | 90 |  |  | $ | - |  |  | $ | - |
February 19, 2015 Director Grant(1) |  |  | 2,000 |  |  |  | 14.25 |  |  |  | 29 |  |  |  | - |  |  |  | 2 |
|  |  | 8,000 |  |  |  |  |  |  | $ | 119 |  |  | $ | - |  |  | $ | 2 |
|  | Number of shares |  |  | Per share value |  |  | Total cost of grant |  |  | Grant expense recognized for the three months ended June 30, 2015 |  |  | Grant expense recognized for the six months ended June 30, 2015 |
July 8, 2014, Directors’ Grants(1) |  |  | 6,000 |  |  | $ | 15.00 |  |  | $ | 90 |  |  | $ | 23 |  |  | $ | 45 |
February 19, 2015 Director Grant(1) |  |  | 2,000 |  |  |  | 14.25 |  |  |  | 29 |  |  |  | 7 |  |  |  | 12 |
|  |  | 8,000 |  |  |  |  |  |  | $ | 119 |  |  | $ | 30 |  |  | $ | 57 |
(1) Vesting period is one year from grant date.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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