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Stock-Based Compensation
6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Stock Awards
In February 2020, independent directors received 50% of their retainer fee as Restricted Stock Awards (“RSAs”). The 34,706 RSAs were issued immediately upon grant and were subject to a one year vesting period and other restrictions under the Company's 2019 Long Term Incentive Plan (the “2019 Plan”). During the six months ended June 30, 2021, the 34,706 RSAs vested.
The Company granted 61,308 RSAs under the 2019 Plan to independent directors in April 2020. The Company recognized $17 thousand and $57 thousand in stock-based compensation costs related to RSAs for the six months ended June 30, 2021 and 2020, respectively, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company recognized $38 thousand in stock-based compensation costs related to RSAs during the three months
ended June 30, 2020. The Company did not recognize stock-based compensation costs during the three months ended June 30, 2021
As of June 30, 2021, the Company had no unrecognized compensation costs related to grants of RSAs.
Restricted Stock Units
The Company did not grant Restricted Stock Units (“RSUs”) to employees under the 2019 Plan during the six months ended June 30, 2021. The Company recognized $265 thousand and $101 thousand in stock-based compensation costs related to RSUs for the six months ended June 30, 2021 and 2020, respectively, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company recognized $120 thousand and $101 thousand in stock-based compensation costs related to RSUs during the three months ended June 30, 2021 and 2020, respectively. The Company has recognized 1,835 forfeitures, at a weighted average grant date fair value of $1.75 per share, as a reduction of expense previously recorded as general and administrative expenses in the unaudited condensed consolidated statements of operations during the six months ended June 30, 2021. During the three and six months ended June 30, 2021, a total of 101,284 awards vested.
As of June 30, 2021, the Company had $700 thousand of unrecognized compensation costs related to 675,381 outstanding RSUs, which is expected to be recognized over a weighted average period of less than two years. All units are expected to vest.