Share-based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

17. Share-based Compensation

The Company granted zero options during the three months ended March 31, 2020 and 2019, respectively.

Total share-based compensation expense recognized by HC2 and its subsidiaries under all equity compensation arrangements was $1.5 million and $1.3 million for the three months ended March 31, 2020 and 2019, respectively.

All grants are time based and vest either immediately or over a period established at grant. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures, using the straight-line basis.

Restricted Stock

A summary of HC2’s restricted stock activity is as follows:

	Shares	Weighted Average Grant Date Fair Value
Unvested - December 31, 2019	2,213,775	$	5.12
Granted	—	$	—
Vested	(1,063,434)	$	5.27
Forfeited	(68,629)	$	5.10
Unvested - March 31, 2020	1,081,712	$	4.98

At March 31, 2020, the total unrecognized stock-based compensation expense related to unvested restricted stock was $3.7 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 1.1 years.

Stock Options

A summary of HC2’s stock option activity is as follows:

	Shares	Weighted Average Exercise Price
Outstanding - December 31, 2019	7,067,592	$	6.52
Granted	—	$	—
Exercised	—	$	—
Forfeited	—	$	—
Expired	—	$	—
Outstanding - March 31, 2020	7,067,592	$	6.52
Eligible for exercise	6,885,584	$	6.55

At March 31, 2020, the intrinsic value and average remaining life of the Company's outstanding options were zero and approximately 5.01 years, and intrinsic value and average remaining life of the Company's exercisable options were zero and approximately 4.9 years.

At March 31, 2020, total unrecognized stock-based compensation expense related to unvested stock options was $0.5 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 0.96 years. There are 182,008 unvested stock options expected to vest, with a weighted average remaining life of 7.36 years, a weighted average exercise price of $5.45, and an intrinsic value of zero.