Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

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

The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of December 31, 2019, the Company had 890,990 shares of common stock reserved for issuance under the Equity Plan.

During the years ended December 31, 2019, 2018, and 2017, the Company granted an aggregate of 154,030, 164,241 and 118,361 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2019, 2018, and 2017 was $2.4 million, $2.2 million and $1.7 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date.

During the years ended December 31, 2019, 2018, and 2017, the Company recognized $2.4 million, $2.0 million and $1.5 million of stock-based compensation, respectively. As of December 31, 2019, the total unrecognized compensation cost related to nonvested restricted shares was $0.1 million, substantially all of which the Company expects to recognize over the next 15 months.

Compensation cost relating to stock-based compensation for the years ended December 31, 2019, 2018, and 2017 was recorded as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
General and administrative expense	$	1,211	$	1,073	$	977
General contracting and real estate services expenses	402		213		335
Capitalized in conjunction with development projects	746		661		408
Total stock-based compensation cost	$	2,359	$	1,947	$	1,720

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2019:



	Restricted Stock Awards		Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2019	125,229		$	13.68
Granted	154,030		15.43
Vested	(134,346	)	14.39
Forfeited	(961	)	14.24
Nonvested as of December 31, 2019	143,952		$	14.88

Restricted stock awards granted and vested during the year ended December 31, 2019 include 19,245 shares tendered by employees to satisfy minimum statutory tax withholding obligations.