Stock Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Note 10 - Stock Based Compensation

We adopted the 2009 Stock Incentive Plan as amended (the “Plan”) to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively, “Awards”), subject to terms as provided in the Plan. On May 13, 2021, at the Company’s 2021 annual meeting of stockholders, the Plan was amended to increase the aggregate number of shares available for issuance by 2,125 shares of common stock from 1,875 shares to 4,000 shares. At December 31, 2021, there were 2,167 shares available for future issuance under the Plan.

Transactions related to awards for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 are summarized below:


	December 31, 2021			December 31, 2020			December 31, 2019
	Number of Awards	Weighted Average Grant Date Fair Value per Award		Number of Awards	Weighted Average Grant Date Fair Value per Award		Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	496	$	19.77	247	$	24.82	360	$	24.82
Granted (1)	635	$	11.08	502	$	17.85	6	$	18.71
Vested	(308)	$	17.08	(205)	$	20.41	(119)	$	18.05
Forfeited	—	$	—	(48)	$	23.14	—	$	—
Unvested RSU Awards Outstanding end of period	823	$	14.07	496	$	19.77	247	$	24.82

(1)During the year ended December 31, 2021, 535 RSUs were granted to certain officers of ARMOUR through ACM and 100 RSUs were granted to the Board. During the year ended December 31, 2020, 358 RSUs were granted to certain officers of ARMOUR through ACM and 144 RSUs were granted to the Board. For the year ended December 31, 2019, 6 RSUs were granted to a newly appointed Board member.

At December 31, 2021, there was approximately $11,584 of unvested stock based compensation related to the Awards (based on a weighted grant date price of $14.07 per share), which we expect to recognize as an expense as follows: in 2022 expense of $4,263, in 2023 expense of $2,416, and thereafter expense of $4,905. Our policy is to account for forfeitures as they occur. We also pay each of our non-executive Board members quarterly fees of $33, which are payable in cash, common stock, RSUs or a combination of common stock, RSUs and cash at the option of the director. Non-executive Board members have the option to participate in the Company's Non-Management Director Compensation and Deferral Program (the "Deferral Program"). The Deferral Program permits non-executive Board members to elect to receive either common stock or RSUs or a combination

of common stock and RSUs at the option of the director, instead of all or part of their quarterly cash compensation and/or all or part of their committee and chairperson cash retainers.