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Equity and Long-Term Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Equity and Long-Term Compensation

6. EQUITY AND LONG-TERM COMPENSATION

 

Summary of Stock Based Compensation Activity – Options

 

The summary of stock based compensation activity for the nine months ended September 30, 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 September 30, 2020     106,000       7.96       1,257,160  
Options vested at September 30, 2020     106,000       7.96       1,257,160  

 

The weighted average remaining term of the options is approximately 1.86 years.

 

Summary of Plan Activity – Restricted Stock

 

The summary of Plan activity for the nine months ended September 30, 2020, with respect to the Trust’s restricted stock, was as follows:

 

Summary of Activity - Restricted Stock

 

    Number of     Weighted  
    Shares of     Average  
    Restricted     Grant Date  
    Stock     Fair Value  
Balance as of December 31, 2019     24,033       6.14  
Plan Awards     43,200       9.61  
Restricted Stock Vested     (24,767 )     7.65  
Balance as of September 30, 2020     42,466       8.79  

 

Stock-based Compensation

 

During the first nine months of 2020, the Trust recorded approximately $189,000 of non-cash expense related to restricted stock and options granted compared to approximately $158,000 for the first nine months of 2019. As of September 30, 2020, there was approximately $373,000 of total unrecognized share-based compensation expense, which expense will be recognized through the first quarter of 2023. 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.

 

Power REIT’s 2020 Equity Incentive Plan was adopted by the Board on May 27, 2020 and approved by the shareholders on June 24, 2020. It provides for the grant of the following awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards. The Plan’s purpose is to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Trust and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the common Stock through the granting of awards. As of September 30, 2020, the aggregate number of shares of Common Stock that may be issued pursuant to outstanding awards is currently 235,917.

 

Preferred Stock Dividends

 

During the first nine months of 2020, the Trust paid a total of approximately $210,000 of dividends to holders of Power REIT’s Series A Preferred Stock.