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EQUITY-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
 
Our currently outstanding equity-based awards were issued under the Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards.
 
Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our outstanding equity-based awards are classified as equity awards.
Stock Options Granted Under our Equity Plan

As of September 30, 2020, we had 235,000 outstanding and exercisable stock options with a weighted average exercise price of $9.75 per share and a weighted average contractual term of 0.4 years. At September 30, 2020, the exercise price of our outstanding and exercisable stock options exceeded the market price of our common stock, resulting in no intrinsic value.
  
Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan
 
The following table summarizes time-based restricted stock award activity under our Equity Plan for the nine months ended September 30, 2020:
 
 Number
 of Shares		Weighted Average
Grant Date 
Fair Value		Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 2019448,467 $12.51 $5,534 
Granted299,562 8.47  
Vested(172,170)13.31  
Forfeited(2,282)8.64  
Non-vested at September 30, 2020573,577 $10.18 $2,971 

The awards granted to our non-executive employees generally vest over a four-year period based on continuous service (20% on the first, second and third anniversary of the grant date and 40% on the fourth anniversary of the grant date). 

The awards granted to our executive officers generally vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances upon a change in control.

The holders of these awards have the right to vote the related shares of common stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our common stock on the date of grant.

Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan

The following table summarizes performance-based restricted stock activity under the Equity Plan for the nine months ended September 30, 2020:
 
 Number 
of Shares		Weighted Average
Grant Date 
Fair Value (1)		Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 2019755,991 $14.31 $9,329 
Granted376,609 9.38  
Forfeited(210,361)17.13  
Non-vested at September 30, 2020922,239 $11.65 $4,777 

(1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.

Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our common stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards generally vest over a three-year period based on our percentile ranking within the SNL U.S. REIT Hotel Index at the end of the period or upon a change in control. The awards require continued service during the measurement period and are subject to the other conditions described in the Equity Plan or award document.
The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period. The holders of these grants have the right to vote the granted shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards.  Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period.

Equity-Based Compensation Expense
 
Equity-based compensation expense included in Corporate general and administrative expenses in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands):
 
 For the
Three Months Ended
September 30,		For the
Nine Months Ended
September 30,
 2020201920202019
Time-based restricted stock$622 $588 $1,847 $1,736 
Performance-based restricted stock895 862 2,664 2,534 
Director stock— — 447 496 
 $1,517 $1,450 $4,958 $4,766 
 
We recognize equity-based compensation expense ratably over the vesting periods. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions.

Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.9 million at September 30, 2020 and will be recorded as follows (in thousands):
 
 Total20202021202220232024
Time-based restricted stock$3,763 $623 $1,855 $1,037 $232 $16 
Performance-based restricted stock5,137 895 2,654 1,392 196 — 
 $8,900 $1,518 $4,509 $2,429 $428 $16