Share Based Compensation

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Share Based Compensation

Share-Based Compensation

The Company recognizes share-based compensation expense for share-based payment transactions based on the grant date fair value. The expense is recognized over the employee's requisite service period, which is generally the vesting period of the equity award. The Company recognized share-based compensation expense in administrative expenses of $2.1 million and $7.9 million for the three and nine months ended September 30, 2020, respectively, and $1.8 million and $7.2 million for the three and nine months ended September 30, 2019, respectively. Share-based compensation expense includes charges for performance-based shares that are deemed probable to vest.

As of September 30, 2020, the total unrecognized compensation expense related to non-vested restricted shares was approximately $9.8 million, which is expected to be recognized on a monthly basis through 2023.

During the nine months ended September 30, 2020, the Company issued 185,820 restricted shares, and canceled 53,609 vested shares to settle payroll taxes on behalf of employees. Additional shares may be accrued and issued based upon the

Company's performance measured against selected peers. The Company also issued 41,235 shares to non-employee directors at fair value that vested immediately.