Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Restricted Stock Issued to Independent Directors as Compensation

for the years ended December 31, 2018, 2017 and 2016, for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows:



	2018		2017		2016
Nonvested shares at the beginning of the year	11,875		11,875		11,250
Granted shares	7,500		7,500		7,500
Vested shares	(8,125	)	(7,500	)	(6,875	)
Nonvested shares at the end of the year	11,250		11,875		11,875

The weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2018, 2017 and 2016 is as follows:



Grant Year	Weighted Average Fair Value
2016	$	11.44
2017	11.65
2018	9.84

Schedule of Repurchase Prices Under Share Repurchase Plan



Share Purchase Anniversary		Repurchase Price on Repurchase Date⁽¹⁾
Less than 1 year		No Repurchase Allowed
1 year		92.5% of Estimated Value per Share⁽²⁾
2 years		95.0% of Estimated Value per Share⁽²⁾
3 years		97.5% of Estimated Value per Share⁽²⁾
4 years		100.0% of Estimated Value per Share⁽²⁾
In the event of a stockholder’s death or disability⁽³⁾		Average Issue Price for Shares⁽⁴⁾

The Company’s board of directors elected to suspend the Company’s share repurchase program, effective April 28, 2018. The board of directors of the Company subsequently determined to reinstate and amend the terms of the Company’s share repurchase program, effective May 20, 2018. Pursuant to the amended and reinstated share repurchase program, the revised repurchase price is equal to 93% of the most recently publicly disclosed estimated value per share. From May 20, 2018 to December 31, 2018, the share repurchase price was $9.15 per share, which represents 93% of the estimated value per share of $9.84, as determined by the Company’s board of directors. The share repurchase price is further reduced based on how long the stockholder has held the shares as follows:



Share Purchase Anniversary		Repurchase Price on Repurchase Date⁽¹⁾
Less than 1 year		No Repurchase Allowed
1 year		92.5% of the Share Repurchase Price⁽²⁾
2 years		95.0% of the Share Repurchase Price⁽²⁾
3 years		97.5% of the Share Repurchase Price⁽²⁾
4 years		100.0% of the Share Repurchase Price⁽²⁾
In the event of a stockholder’s death or disability⁽³⁾		Average Issue Price for Shares⁽⁴⁾

________________


(1)	As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.


(2)	The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share. The “Estimated Value per Share” equals the most recently determined estimated value per share determined by the Company’s board of directors.


(3)	The required one-year holding period to be eligible to repurchase shares under the Company’s share repurchase program does not apply in the event of death or disability of a stockholder.


(4)	The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.