Incentive Award Plan

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Incentive Award Plan

Incentive Award Plan

The Company has an Incentive Award Plan (the “Plan”) that provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates.  The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards.  The Company has reserved a total 3.5 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan.

Restricted Stock Awards

A summary of RSAs as of March 31, 2020 and activity during the three months then ended is presented below:

	Number of RSAs
Nonvested balance at December 31, 2019	967,341
Granted	443,998
Vested (1)	(295,385	)
Forfeited	(10,787	)
Nonvested balance at March 31, 2020	1,105,167

⁽¹⁾ Includes shares withheld to satisfy tax obligations upon vesting.

The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant.  The fair value of these awards is amortized to expense over the vesting periods. Amortization expense for the three months ended March 31, 2020 and 2019 amounted to approximately $4.0 million and $3.8 million, respectively.