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Equity and Long-Term Compensation
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Equity and Long-Term Compensation

5. EQUITY AND LONG-TERM COMPENSATION

 

Summary of Stock Based Compensation Activity – Options

 

The summary of stock based compensation activity for the three months ended March 31, 2020, with respect to the Trust’s stock options, was as follows:

 

Summary of Activity - Options

 

          Weighted        
    Number of     Average     Aggregate  
    Options     Exercise Price     Intrinsic Value  
Balance as of December 31, 2019     106,000       7.96       -  
Plan Awards     -       -       -  
Options Exercised     -       -       -  
Balance as of March 31, 2020     106,000       7.96       261,820  
Options vested at March 31, 2020     106,000       7.96       261,820  

 

The weighted average remaining term of the options is approximately 2.36 years.

 

Summary of Plan Activity – Restricted Stock

 

The summary of Plan activity for the three months ended March 31, 2020, with respect to the Trust’s restricted stock, was as follows:

 

    Number of     Weighted  
    Shares of     Average  
    Restricted     Grant Date  
    Stock     Fair Value  
Balance as of December 31, 2019     24,033       6.14  
Plan Awards     40,000       8.41  
Restricted Stock Vested     (10,700 )     7.02  
Balance as of March 31, 2020     53,333       7.67  

 

Stock-based Compensation

 

During the first three months of 2020, the Trust recorded approximately $75,000 of non-cash expense related to restricted stock and options granted compared to approximately $64,000 for the first three months of 2019. As of March 31, 2020, there was approximately $409,000 of total unrecognized share-based compensation expense, which expense will be recognized through the third quarter of 2022. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market.

 

Preferred Stock Dividends

 

During the first three months of 2020, the Trust paid a total of approximately $70,000 of dividends to holders of Power REIT’s Series A Preferred Stock.