Shareholders' Equity and Share Based Payment

6 Months Ended

Jun. 30, 2019

Shareholders’ Equity and Share Based Payment [Abstract]

Shareholders’ Equity and Share Based Payment

Shareholders' Equity and Share-Based Payment

During the six months ended June 30, 2019, the Company granted 303,331 restricted common shares and granted 320,944 performance share units (“PSUs”). These awards were made under the Aircastle Limited Amended and Restated 2014 Omnibus Incentive Plan. We repurchased 157,576 shares totaling $2,915 from our employees and directors to settle tax obligations related to share vesting and canceled shares.

During the six months ended June 30, 2019, the Company incurred share-based compensation expense of $2,602 related to restricted common shares and $3,301 related to PSUs.

As of June 30, 2019, there was $7,762 of unrecognized compensation cost related to unvested restricted common share-based payments and $10,270 of unrecognized compensation cost related to unvested PSU share-based payments that are expected to be recognized over a weighted-average remaining period of 1.90 years.

On May 21, 2019, our Board of Directors increased the authorization to repurchase the Company’s common shares to $100,000 from the $76,019 that was remaining under the previous authorization. During the six months ended June 30, 2019, we repurchased 625,744 common shares at an aggregate cost of $11,374, including commissions. At June 30, 2019, the remaining dollar value of common shares that may be purchased under the repurchase program is $97,358.