Note 21 – Stockholders’ Equity

Common stock dividends

The following table presents cash dividends declared by our board of directors on our common stock from June 12, 2018 through September 30, 2019:


			Dividend per
Declaration Date	Record Date	Payment Date	Share
June 12, 2018	June 29, 2018	July 31, 2018	$	0.40
September 11, 2018	September 28, 2018	October 31, 2018	$	0.40
December 12, 2018	December 31, 2018	January 31, 2019	$	0.40
March 12, 2019	March 28, 2019	April 30, 2019	$	0.40
June 11, 2019	June 28, 2019	July 31, 2019	$	0.40
September 10, 2019	September 30, 2019	October 31, 2019	$	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.

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 RSA activity for the three and nine months ended September 30, 2019:


	Restricted Stock Awards
(In Thousands, except share data)	Number of Shares	Grant date fair value		Weighted-average grant date fair value (per share)
Outstanding, January 1	118,904	$	1,661	$	13.97
Granted	111,097		1,784		16.06
Vested	(52,110)		(733)		14.07
Forfeited	—		—		—
Canceled	—		—		—
Outstanding, March 31, 2019	177,891	$	2,712	$	15.25
Granted	21,356		310		14.51
Vested	(19,766)		(293)		14.84
Forfeited	(5,746)		(82)		14.21
Canceled	—		—		—
Outstanding, June 30, 2019	173,735	$	2,647	$	15.24
Granted	—		—		—
Vested	(6,336)		(100)		15.79
Forfeited	—		—		—
Canceled	—		—		—
Outstanding, September 30, 2019	167,399	$	2,547	$	15.21

At September 30, 2019, there were 23,104 fully vested RSUs that were not yet issued as common stock.

During the three and nine months ended September 30, 2019, the Company recognized $0.1 million and $1.1 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 nine months ended September 30, 2018, the Company recognized $0.2 million and $0.5 million of noncash compensation, respectively.

At September 30, 2019 and 2018, approximately $2.5 million and $1.4 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.