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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Incentive Award Plan
Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. Time-based awards granted to employees vest equally on each of three anniversaries subsequent to the grant date, and annually for those awards granted to directors, subject to the recipients' continued service to the Company. Performance-based awards granted to employees vest on the third anniversary subsequent to the grant date, subject to the recipients' continued service to the Company and achievement of the specified performance levels.
Under the Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the plan. As of December 31, 2019, 21,213,679 shares were available for future issuance under the Incentive Award Plan.
The following table summarizes the Company's RSU activity under the Incentive Award Plan during the years ended December 31, 2019, 2018 and 2017:
 
Unvested
Time-Based
RSUs
 
Unvested
Performance-Based
RSUs
 
Weighted Average
Grant Date Value
Per Share (a)
Outstanding as of January 1, 2017
1,646,523
 
—
 
$3.29
Shares granted
2,019,078
 
—
 
$3.29
Shares vested
(1,750,773)
 
—
 
$3.38
Shares forfeited
(379,323)
 
—
 
$3.25
Outstanding as of December 31, 2017
1,535,505
 
—
 
$3.19
 
 
 
 
 
 
Shares granted
1,950,307
 
—
 
$3.14
Shares vested
(1,349,852)
 
—
 
$3.20
Shares forfeited
(587,810)
 
—
 
$3.19
Outstanding as of December 31, 2018
1,548,150
 
—
 
$3.18
 
 
 
 
 
 
Shares granted
1,225,170
 
1,450,811
 
$3.14
Shares vested
(1,275,188)
 
—
 
$3.18
Shares forfeited
(202,441)
 
(61,169)
 
$3.17
Outstanding as of December 31, 2019
1,295,691
 
1,389,642
 
$3.14
(a)
On an annual basis, the Company engages an independent third-party valuation advisory consulting firm to estimate the value per share of the Company's common stock.
As of December 31, 2019, there was $6,528 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2021. The Company recognized stock-based compensation expense of $5,541, $4,330 and $5,782 for the years ended December 31, 2019, 2018 and 2017, respectively, as a part of general and administrative expenses on the consolidated statements of operations and comprehensive income.
Retail Share Unit Plan
During 2014, the Company adopted the Inland American Real Estate Trust, Inc., 2014 Share Unit Plan (the "Retail Share Unit Plan"), with respect to the Company's retail business. Vesting of the share units was conditioned upon the occurrence of a triggering event, such as a listing or a change in control. As of June 19, 2015, in connection with the adoption of the Incentive Award Plan, the Company terminated the Retail Share Unit Plan. As no triggering event occurred within five years following the applicable grant dates, all share units have been forfeited as of March 12, 2019, and no share-based compensation expense has been recognized for the years ended December 31, 2019, 2018 or 2017.