Common Stock Incentive Plan

9 Months Ended

Sep. 30, 2020

10. Common Stock Incentive Plan

Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”) to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. The 2016 Plan has a term of ten years from the date it was adopted by our board of directors.

The following table summarizes our restricted stock activity under the 2016 Plan:


		Weighted-
	Unvested	Average
	Restricted	Date Fair
	Shares	Value
Balance at December 31, 2019	139,546	$	37.03
Granted	15,918	$	75.11
Vested	(45,975)	$	37.01
Forfeited ⁽¹⁾	(28,552)	$	19.72
Balance at March 31, 2020	80,937	$	50.64
Granted	1,139	$	87.82
Vested	(4,675)	$	62.08
Balance at June 30, 2020 and September 30, 2020	77,401	$	50.49

(1)

Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

As of September 30, 2020, the remaining unrecognized compensation cost of $2.4 million relating to restricted stock awards will be recognized over a weighted-average amortization period of approximately 1.6 years.

The following table summarizes our restricted stock unit activity. Restricted stock units have the same economic rights as shares of restricted stock under the 2016 Plan:


	Unvested	Weighted- Average
	Restricted	Date Fair
	Stock Units	Value
Balance at December 31, 2019	—	$	—
Granted	33,954	$	75.11
Balance at March 31, 2020	33,954	$	75.11
Granted	2,733	$	87.82
Balance at June 30, 2020 and September 30, 2020	36,687	$	76.06

As of September 30, 2020, the remaining unrecognized compensation cost of $2.1 million relating to restricted stock units will be recognized over an amortization period of approximately 2.2 years.