The amounts recorded as share based compensation expense consist of restricted stock awards issued to employees and directors. Awards to officers are typically made pursuant to employment agreements. Restricted stock awards are granted out of the Company’s 2020 Equity Compensation Plan.

The following table presents a summary of the Company’s restricted stock grants outstanding at March 31, 2021, and restricted stock activity during the three months ended March 31, 2021 (“Price” reflects the weighted average share price at the date of grant):

	Awards		Price
Grants outstanding, beginning of period		102,617	$	5.41
Granted		718,816		3.34
Vested		141,412		3.17
Grants outstanding, end of period		680,021		3.69

The following table summarizes stock-based compensation expense recognized by the Company during the three months ended March 31, 2020 and 2021. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below.

	For the Three Months Ended March 31,
	2020		2021
Operating expenses, excluding depreciation and amortization	$	—	$	259
Corporate expenses		—		375
Share-based compensation expense	$	—	$	634

As of March 31, 2021, there was $2.2 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested share-based compensation arrangements. The cost is expected to be recognized over a weighted average period of approximately 1.4 years.