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Stock-based Payments and Director Fees (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of management fees and director fees The following table sets forth the Company’s stock-based management fees and independent director fees ($ in thousands):
Stock-based Management Fees and Director Fees
For the three months ended June 30,
20202019
Number of shares
Amount of expense recognized(1)
Number of shares
Amount of expense recognized(1)
Independent director fees5,200  $40  2,836  $40  
Management fees—  —  58,398  824  
Totals5,200  $40  61,234  $864  


For the six months ended June 30,
20202019
Number of shares
Amount of expense recognized(1)
Number of shares
Amount of expense recognized(1)
Independent director fees8,668  $80  5,600  $78  
Management fees—  —  120,699  1,552  
Totals8,668  $80  126,299  $1,630  

(1)All management fees and independent director fees are fully expensed in the period in which the relevant service is received by the Company.
Schedule of activity in restricted stock The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts):
Total GrantsCurrent period activityNon-vested shares at June 30, 2020Fully-vested shares at June 30, 2020
Three months ended June 30, 2020Total shares grantedTotal expected cost of grantShares granted during the yearGrant expense recognized for the three months ended June 30, 2020SharesPer share grant date fair valueSharesPer share grant date fair value
Employee and Service Provider Grant 2017(1,4)
38,667  $539  —  $44  12,667  $13.95  26,000  $13.95  
Employee and Service Provider Grant 2018(2,5)
34,000  462  —  38  22,667  13.58  11,333  13.58  
Employee and Service Provider Grant 2019(3)
79,000  1,101  —  92  79,000  13.94  —  —  
Totals151,667  $2,102  —  $174  114,334  $13.87  37,333  $13.84  

(1)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2020 is 0.1 years.
(2)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2020 is 1.1 years.
(3)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2020 is 2.1 years.
(4)Total is shown net of 2019 forfeitures of 333 shares.
(5)Total is shown net of 2019 forfeitures of 2,500 shares.

Total GrantsCurrent period activityNon-vested shares at June 30, 2019Fully-vested shares at June 30, 2019
Three months ended June 30, 2019Total shares grantedTotal expected cost of grantShares granted during the yearGrant expense recognized for the three months ended June 30, 2019SharesPer share grant date fair valueSharesPer share grant date fair value
Directors’ Grants 2018(1)
12,000  $162  —  $—  —  $13.48  12,000  $13.48  
Employee and Service Provider Grant 2016(2,5)
144,667  1,953  —  143  46,222  13.50  98,445  13.50  
Employee and Service Provider Grant 2017(3)
39,000  544  —  45  26,000  13.95  13,000  13.95  
Employee and Service Provider Grant 2018(4,6)
34,000  462  —  31  34,000  13.58  —  —  
Totals229,667  $3,121  —  $219  106,222  $13.64  123,445  $13.55  

(1)Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at June 30, 2019.
(2)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2019 is 0.1 years.
(3)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2019 is 1.1 years.
(4)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2019 is 2.1 years.
(5)Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares.
(6)Total is shown net of 2019 forfeitures of 2,500 shares.
Total GrantsCurrent period activityNon-vested shares at June 30, 2020Fully-vested shares at June 30, 2020
Six months ended June 30, 2020Total shares grantedTotal expected cost of grantShares granted during the yearGrant expense recognized for the six months ended June 30, 2020SharesPer share grant date fair valueSharesPer share grant date fair value
Employee and Service Provider Grant 2017(1,4)
38,667  $539  —  $88  12,667  $13.95  26,000  $13.95  
Employee and Service Provider Grant 2018(2,5)
34,000  462  —  76  22,667  13.58  11,333  13.58  
Employee and Service Provider Grant 2019(3)
79,000  1,101  —  184  79,000  13.94  —  —  
Totals151,667  $2,102  —  $348  114,334  $13.87  37,333  $13.84  

(1)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2020 is 0.1 years.
(2)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2020 is 1.1 years.
(3)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2020 is 2.1 years.
(4)Total is shown net of 2019 forfeitures of 333 shares.
(5)Total is shown net of 2019 forfeitures of 2,500 shares.


Total GrantsCurrent period activityNon-vested shares at June 30, 2019Fully-vested shares at June 30, 2019
Six months ended June 30, 2019Total shares grantedTotal expected cost of grantShares granted during the yearGrant expense recognized for the six months ended June 30, 2019SharesPer share grant date fair valueSharesPer share grant date fair value
Directors’ Grants 2018(1)
12,000  $162  —  $14  —  $13.48  12,000  $13.48  
Employee and Service Provider Grant 2016(2,5)
144,667  1,953  —  306  46,222  13.50  98,445  13.50  
Employee and Service Provider Grant 2017(3)
39,000  544  —  90  26,000  13.95  13,000  13.95  
Employee and Service Provider Grant 2018(4,6)
34,000  462  —  72  34,000  13.58  —  —  
Totals229,667  $3,121  —  $482  106,222  $13.64  123,445  $13.55  

(1)Half of the 12,000 shares granted vested immediately on the grant date while the remaining shares vest ratably over a one-year period. Grant is fully vested at June 30, 2019.
(2)Vesting is ratable over the three-year period from grant date. Weighted average remaining life of grant at June 30, 2019 is 0.1 years.
(3)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2019 is 1.1 years.
(4)Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at June 30, 2019 is 2.1 years.
(5)Total is shown net of 2017 forfeitures of 4,000 shares, 2018 forfeitures of 2,666 shares and 2019 forfeitures of 1,667 shares.
(6)Total is shown net of 2019 forfeitures of 2,500 shares