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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The following table presents the Company's restricted stock unit ("RSU") activity for the six months ended June 30, 2020:
 
Unvested Time-
Based RSUs
 
Unvested Performance-
Based RSUs
 
Weighted-Average Grant
Date Price Per Share (a)
Outstanding as of January 1, 2020
$
1,295,691

 
$
1,389,642

 
$
3.14

Shares granted
1,255,793

 
2,484,346

 
$
3.14

Shares vested
(245,224
)
 
—

 
$
3.14

Shares forfeited
(49,742
)
 
(75,326
)
 
$
3.14

Outstanding as of June 30, 2020
$
2,256,518

 
$
3,798,662

 
$
3.14


On May 8, 2020, the board of directors approved a grant of time-based and performance-based RSUs under the Company's 2015 Incentive Award Plan at the most recent estimated NAV per share of $3.14 on May 1, 2019.
As of June 30, 2020, there was $9,967 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2022. The Company recognized stock-based compensation
expense of $1,420 and $1,948 for the three and six months ended June 30, 2020, respectively, and $1,320 and $2,165 for the three and six months ended June 30, 2019, respectively.