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Equity
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Equity
Note 8 — Equity
Equity-Based Compensation
Restricted Stock Awards
During the three months ended March 31, 2019, there were 495,750 restricted shares granted with an aggregate value of $3.9 million. As of March 31, 2020, there was an aggregate $3.5 million of unrecognized expense related to restricted shares issued which is expected to be recognized over a weighted average period of 1.5 years.
Performance Stock Units
During the three months ended March 31, 2019, the Company granted 105,920 target shares of market based performance restricted stock units at a relative and absolute grant date fair value of approximately $11.96 per share and $9.50 per share, respectively, to certain employees. The market based performance restricted stock units cliff vest on March 21, 2022. As defined in the Ranger Energy Services, Inc. 2017 Long Term Incentive Plan, the performance criteria applicable to the performance awards is measured at a relative and absolute shareholder return, which measures the Company’s total shareholder return as compared to the total shareholder return of the defined peer group.
As of March 31, 2020, there was an aggregate $0.9 million of unrecognized compensation cost related to performance stock units which is expected to be recognized over a weighted average period of 1.5 years.
Share Repurchases
During the three months ended March 31, 2020, the Company repurchased 344,827 shares of the Company’s Class A Common Stock for an aggregate $2.4 million in a privately negotiated transaction with ESCO. Please see Note 12 — Commitments and Contingencies for further details.
In June 2019, the Board of Directors approved a share repurchase program, authorizing the Company to purchase up to 10% of the outstanding Class A Common Stock held by non-affiliates, not to exceed 580,000 shares or $5.0 million in aggregate value. Share repurchases may take place from time to time on the open market or through privately negotiated transactions. The duration of the share repurchase program is 12 months and may be accelerated, suspended or discontinued at any time without notice. During the three months ended March 31, 2020, the Company repurchased 93,063 shares of the Company’s Class A Common Stock for an aggregate $0.7 million under the previously announced share repurchase program. Refer to “Part II, Item 2. Unregistered Sales of Securities” for further information.