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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION On October 16, 2017 (“Effective Date”), the Company’s stockholders approved the Company’s 2017 Equity Incentive Plan (the “Plan”). The Plan is designed to provide equity-based incentives to certain eligible persons, as defined in the Plan, in the form of options, share appreciation rights, restricted stock, restricted stock units, dividend equivalent rights or other forms of equity-based compensation as determined in the discretion of the Board of Directors, the Compensation Committee of the Board of Directors, or other designee thereof. The total number of shares of common stock reserved and available for issuance under the Plan on the Effective Date was 760,000. On April 12, 2021 and March 25, 2021, the Company approved restricted stock awards under the Plan to certain of its officers and employees in the aggregate amount of 12,300 shares and 63,475 shares, respectively, of which 60,750 shares are time-based grants and 15,025 shares are performance-based grants. During 2020, Company approved restricted stock awards under the Plan to certain of its officers and employees in the aggregate amount of 25,905 shares, of which 10,880 shares are time-based grants and 15,025 shares are performance-based grants. The Company recorded $194,372 and $126,035 of expense in general and administrative expense in its consolidated statements of operations related to restricted stock awards for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $274,922 and $84,517 of unrecognized compensation expense related to unvested time-based and performance-based restricted stock awards, respectively. That cost is expected to be recognized over a weighted—average period of 2.9 years and 2.5 years for time-based and performance-based awards, respectively. The fair value of common stock awards is determined based on the closing trading price of the Company’s common stock on the grant date. Time-Based Restricted Stock Grants These time-based grants vest solely based on continued employment, with 6.25% of the shares eligible to vest on each three-month anniversary of the grant date during the four-year vesting period. Time-based restricted stock cannot be transferred during the vesting period. Grants of time-based restricted stock entitle the holder to dividends paid by the Company on shares of its common stock, including unvested shares. A summary of the Company’s time-based restricted stock grant activity is as follows:
|  |  |  |  | Weighted-Average |
|  |  |  |  | Grant-Date |
Time-Based Restricted Stock Grants |  | Shares |  |  | Fair Value |
Unvested at December 31, 2019 |  |  | 39,932 |  |  | $ | 4.31 |
Granted |  |  | 10,880 |  |  | $ | 3.58 |
Vested |  |  | (18,582 | ) |  | $ | 4.26 |
Unvested at December 31, 2020 |  |  | 32,230 |  |  | $ | 4.09 |
Granted |  |  | 60,750 |  |  | $ | 4.58 |
Vested |  |  | (31,779 | ) |  | $ | 4.33 |
Unvested at December 31, 2021 |  |  | 61,201 |  |  | $ | 4.45 |
Performance-Based Restricted Stock Grants Performance-based restricted stock grants vest based on continued employment and the achievement of certain Funds from Operations, as adjusted (“AFFO”) and same store revenue growth (“SSRG”) goals by the Company during 2021. Between 0% and 200% of these shares will be earned based on achievement of the AFFO and SSRG goals in 2021, and the shares which are earned will remain subject to quarterly vesting during the remaining four-year time vesting period. Dividends paid by the Company prior to the determination of how many shares are earned will be retained by the Company and released only with respect to earned shares. If a Change in Control (as defined in the Plan) occurs the number of shares earned will equal the greater of the number of shares granted and the number of shares which would have been earned based on the AFFO and SSRG through the date of the Change in Control. If following a Change in Control, a grantee is terminated by the Company without Cause or by the grantee with Good Reason (as each is defined in the Plan), all unvested restricted stock will fully vest. Performance-based restricted stock earned during 2021 and 2020 were 15,025 shares and 1,941 shares, respectively. A summary of the Company’s performance-based restricted stock grant activity is as follows:
|  |  |  |  | Weighted-Average |
|  |  |  |  | Grant-Date |
Performance-based Stock Grants |  | Shares |  |  | Fair Value |
Unvested at December 31, 2019 |  |  | 27,739 |  |  | $ | 4.21 |
Granted |  |  | 1,941 |  |  | $ | 3.58 |
Vested |  |  | (11,028 | ) |  | $ | 4.23 |
Unvested at December 31, 2020 |  |  | 18,652 |  |  | $ | 4.13 |
Granted |  |  | 15,025 |  |  | $ | 4.51 |
Vested |  |  | (11,142 | ) |  | $ | 4.22 |
Unvested at December 31, 2021 |  |  | 22,535 |  |  | $ | 4.34 |
Forfeitures are accounted for as they occur, compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition is reversed in the period of the forfeiture.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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