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Share Based Compensation
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Share Based Compensation
Share-Based Compensation

The Company recognizes share-based compensation expense for share-based payment transactions based on the grant date’s fair value. The expense is recognized over the employee's requisite service period, which is generally the vesting period of the equity award. The Company recognized $1.8 million and $2.5 million of share-based compensation expense in administrative expenses for the three months ended March 31, 2019 and 2018, respectively. Share-based compensation expense includes charges for performance-based shares that are deemed probable to vest.

As of March 31, 2019, the total unrecognized compensation expense related to non-vested restricted shares was approximately $12.6 million, which is expected to be recognized through 2021.

During the three months ended March 31, 2019, the Company issued 168,731 time-based and performance-based restricted shares, and canceled 31,506 vested shares to settle payroll taxes on behalf of employees. Additional shares may be accrued and issued based upon the Company's performance measured against selected peers. On February 12, 2019, the Company issued1,500 shares to a non-employee director at a fair value of $33.30 per share that vested immediately.