Share-Based Compensation

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Share-Based Compensation

The Company's compensation committee granted restricted stock units (“RSUs”) totaling 61,200 shares of the Company's common stock in the third quarter of 2019. Each RSU is equal in value to one share of common stock and vests ratably over a three or four-year service period. 

The Company’s compensation committee also granted performance-based restricted stock units (“PRSUs”) totaling 61,200 shares of the Company's common stock in the third quarter of 2019.  The PRSUs may be earned based on the performance of the Company's common stock price over a three to four-year service period. The base price of the Company's common stock for purposes of the PRSUs is $12.50. 

In the third quarter of 2019, the Company's compensation committee granted seven-year non-qualified stock options to purchase 34,000 shares of the Company's common stock with an exercise price equal to $9.81 per share, with one-third of such options vesting in each of 2020, 2021 and 2022.