Note 19 – Stockholders’ Equity

Common stock dividends

The following table presents cash dividends declared by our board of directors on our common stock from March 14, 2017 through June 30, 2018:


			Dividend per
Declaration Date	Record Date	Payment Date	Share
March 14, 2017	March 31, 2017	April 13, 2017	$	0.37
June 15, 2017	June 30, 2017	July 31, 2017	$	0.37
September 12, 2017	September 29, 2017	October 20, 2017	$	0.37
December 13, 2017	December 29, 2017	January 31, 2018	$	0.37
March 14, 2018	March 30, 2018	April 30, 2018	$	0.37
June 12, 2018	June 29, 2018	July 31, 2018	$	0.40

Stock incentive plan

The Company currently maintains the 2012 equity incentive plan (“the 2012 plan”). The 2012 Plan authorizes the Compensation Committee to approve grants of equity-based awards to our officers, directors, and employees of the Manager and its affiliates. The equity incentive plan provides for grants of equity-based awards up to an aggregate of 5% of the shares of the Company’s common stock issued and outstanding from time to time on a fully diluted basis. Refer to Note 23 to the consolidated financial statements included in our Form 10-K for further information regarding this plan.

The Company’s current policy for issuing shares upon settlement of stock-based incentive awards is to issue new shares.The fair value of the RSUs and RSAs granted, which is determined based upon the stock price on the grant date, is recorded as compensation expense on a straight-line basis over the vesting periods for the awards, with an offsetting increase in stockholders’ equity.

The following table summarizes the Company’s RSU and RSA activity for the three and six months ended June 30, 2018:


	Independent Director RSUs					Employee RSAs
(In Thousands, except share data)	Number of Shares	Grant date fair value		Weighted-average grant date fair value (per share)		Number of Shares	Grant date fair value		Weighted-average grant date fair value (per share)
Outstanding, January 1	—	$	—	$	—	25,851	$	380	$	14.70
Granted	23,104		320		13.85	101,670		1,408		13.85
Vested	(5,776)		(80)		13.85	—		—		—
Forfeited	—		—		—	—		—		—
Canceled	—		—		—	—		—		—
Outstanding, March 31, 2018	17,328	$	240	$	13.85	127,521	$	1,788	$	14.02
Granted	—		—	$	—	—		—		—
Vested	(5,776)		(80)		13.85	(8,617)		(127)		14.70
Forfeited	—		—		—	—		—		—
Canceled	—		—		—	—		—		—
Outstanding, June 30, 2018	11,552	$	160	$	13.85	118,904	$	1,661	$	13.97

During the three and six months ended June 30, 2018, the Company recognized $0.2 million and $0.4 million of noncash compensation expense, respectively, related to its stock-based incentive plan in its unaudited interim consolidated statements of income. During the three and six months ended June 30, 2017, the Company recognized $0.1 million and $0.5 million of noncash compensation, respectively.

At June 30, 2018 and 2017, approximately $1.6 million and $0.5 million of noncash compensation expense related to unvested awards had not yet been charged to net income, respectively. These costs are expected to be amortized into compensation expense ratably over the course of the remainder of the respective vesting periods.