Equity Compensation Plans

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

EQUITY COMPENSATION PLANS

The Company’s Amended and Restated 2014 Long-Term Equity Compensation Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management.

The following table summarizes the Company’s unvested restricted shares as of and for the nine months ended September 30, 2020:


	Unvested Restricted Shares	Weighted Average Grant Date Fair Value per Restricted Share
Balance as of January 1, 2020	535	$	12.46
Shares granted (a)	624	$	11.66
Shares vested	(291)	$	12.76

Balance as of September 30, 2020 (b)	868	$	11.78

(a)Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements.

(b)As of September 30, 2020, total unrecognized compensation expense related to unvested restricted shares was $3,326, which is expected to be amortized over a weighted average term of 1.2 years.

The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the nine months ended September 30, 2020:


	Unvested RSUs	Weighted Average Grant Date Fair Value per RSU
RSUs eligible for future conversion as of January 1, 2020	839	$	13.10
RSUs granted (a)	331	$	13.67
Conversion of RSUs to common stock and restricted shares (b)	(196)	$	15.52

RSUs eligible for future conversion as of September 30, 2020 (c)	974	$	12.81

(a)Assumptions and inputs as of the grant date included a risk-free interest rate of 1.54%, the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s common stock dividend yield of 5.07%. Subject to continued employment, in 2023, following the performance period which concludes on December 31, 2022, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term.

(b)On February 10, 2020, 196 RSUs converted into 105 shares of common stock and 175 restricted shares that will vest on December 31, 2020, subject to continued employment through such date, after applying a conversion rate of 142.5% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies for the performance period that concluded on December 31, 2019. An additional 43 shares of common stock were also issued, representing the dividends that would have been paid on the earned awards during the performance period.

(c)As of September 30, 2020, total unrecognized compensation expense related to unvested RSUs was $5,928, which is expected to be amortized over a weighted average term of 2.0 years.

During the three months ended September 30, 2020 and 2019, the Company recorded compensation expense of $2,280 and $1,849, respectively, related to the amortization of unvested restricted shares and RSUs. During the nine months ended September 30, 2020 and 2019, the Company recorded compensation expense of $6,734 and $5,672, respectively, related to the amortization of unvested restricted shares and RSUs. The total fair value of restricted shares that vested during the nine months ended September 30, 2020 was $2,962. In addition, the total fair value of RSUs that converted into common stock during the nine months ended September 30, 2020 was $1,321.

Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of September 30, 2020, options to purchase 16 shares of common stock remained outstanding and exercisable pursuant to such plan. The Company did not grant any options in 2020 or

2019 and did not record any compensation expense related to stock options during the nine months ended September 30, 2020 and 2019.