Share-Based Payments

2015 Equity Incentive Plan

We maintain the 2015 Equity Incentive Plan, which authorizes the issuance of shares of stock-based awards to our officers and

employees of the Subadvisor who perform services on our behalf. The 2015 Equity Incentive Plan provides for the grant of RSUs and dividend equivalent rights. A maximum of 2,000,000 shares may be granted, of which 1,838,894 shares remained available for future grants at December 31, 2019.

A summary of the RSU activity for the years ended December 31, 2019, 2018 and 2017 follows:



	RSU Awards
			Weighted-Average
			Grant Date
	Shares		Fair Value
Nonvested at January 1, 2017	56,153		$	10.36
Granted	49,344		10.74
Vested ^(a)	(21,745)		10.31
Forfeited	(24,747)		10.57
Nonvested at January 1, 2018	59,005		10.61
Granted	34,295		11.11
Vested ^(a)	(26,403	)	10.51
Forfeited	(3,909	)	10.96
Nonvested at January 1, 2019	62,988		10.90
Granted	42,541		11.41
Vested ^(a)	(28,801	)	10.82
Forfeited	(2,653	)	10.68
Nonvested at December 31, 2019 ^(b)	74,075		$	11.23

___________


(a)	RSUs generally vest over three years, are subject to continued employment and are forfeited upon the recipient’s employment termination prior to vesting. The total fair value of shares vested during the year ended December 31, 2019, 2018 and 2017 was $0.3 million, $0.3 million and $0.2 million, respectively.


(b)	We currently expect to recognize stock-based compensation expense totaling approximately $0.5 million over the remaining vesting period. The awards to employees of the Subadvisor had a weighted-average remaining contractual term of 1.7 years at December 31, 2019.

Shares Granted to Directors

As part of their director compensation, we issued shares to our independent directors. During the year ended December 31, 2019, we issued a total of 18,475 shares of Class A common stock to our independent directors comprised of 2,700 shares at $11.11 per share and 15,775 shares at $11.41 per share. During the years ended December 31, 2018 and 2017, we issued 15,384 shares and 15,384 shares, respectively, of Class A common stock to our independent directors, at $11.11 and $10.74 per share, respectively.

Stock-Based Compensation Expense

For the years ended December 31, 2019, 2018 and 2017, we recognized stock-based compensation expense related to RSU awards to employees of the Subadvisor under the 2015 Equity Incentive Plan and equity compensation issued to our independent directors aggregating $0.6 million, $0.5 million and $0.4 million, respectively. Stock-based compensation expense is included within Corporate general and administrative expenses in the consolidated financial statements. We have not recognized any income tax benefit in earnings for our share-based compensation arrangements since the inception of this plan.