Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [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, 2020, the Company had 728,783 shares of common stock available for issuance under the Equity Plan.

During the years ended December 31, 2020, 2019, and 2018, the Company granted an aggregate of 176,382, 154,030 and 164,241 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, 2020, 2019, and 2018 was $2.8 million, $2.4 million and $2.2 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 year ended December 31, 2020, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended March 31, 2020, 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 3,677 were surrendered by the employees for income tax withholdings. During the three months ended December 31, 2020, 10,842 shares were issued with a grant date fair value of $11.11 per share due to the partial vesting of performance units awarded to certain employees in 2016 and 2017. Of those shares, 3,165 were surrendered by the employees for income tax withholdings.

During the years ended December 31, 2020, 2019, and 2018, the Company recognized $2.9 million, $2.4 million and $2.0 million of stock-based compensation, respectively. As of December 31, 2020, the total unrecognized compensation cost related to nonvested restricted shares was $0.8 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, 2020, 2019, and 2018 was recorded as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
General and administrative expense	$	1,615	$	1,211	$	1,073
General contracting and real estate services expenses	763		402		213
Capitalized in conjunction with development projects	483		746		661
Total stock-based compensation cost	$	2,861	$	2,359	$	1,947

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2020:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2020	143,952	$	14.88
Granted	176,382	15.77
Vested	(151,041)	15.42
Forfeited	(1,715)	16.35
Nonvested as of December 31, 2020	167,578	$	15.31

Restricted stock awards granted and vested during the year ended December 31, 2020 include 27,060 shares tendered by employees to satisfy minimum statutory tax withholding obligations.