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Incentive Award Plan
6 Months Ended
Jun. 30, 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 Units (”RSUs”)

Upon reelection to the Board of Directors in June 2020, all members of the Company’s Board of Directors were granted RSUs in accordance with the Plan.  These RSUs were valued at $170,000 for the Chairman of the Board of Directors and at $122,500 for all other members.  The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan.  All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock, as determined by the Compensation Committee of the Board of Directors.  A compensation charge of approximately $1.0 million was recorded during the three months ended June 30, 2020 related to these awards.
A summary of RSUs as of June 30, 2020 and activity during the six months then ended is presented below:
 
Number of RSUs
Outstanding at December 31, 2019

Granted
30,137

Settled in common shares
(27,644
)
Settled in cash
(2,493
)
Outstanding at June 30, 2020



Restricted Stock Awards
 
A summary of RSAs as of June 30, 2020 and activity during the six 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
(15,220
)
Nonvested balance at June 30, 2020
1,100,734


(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 June 30, 2020 and 2019 was approximately $3.5 million and $2.9 million respectively, and $7.5 million and $6.7 million for the six months ended June 30, 2020 and 2019.