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Share-Based Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Stock-Based Compensation
The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At December 31, 2019, 11,899,660 shares of common stock remained available for issuance by us as equity awards under the Plan.
Time-Based Restricted Stock
During the years ended December 31, 2019 and 2018 and the period from October 6, 2017 through December 31, 2017, the Company granted approximately 177,000, 172,000 and 124,000, shares of restricted stock, respectively, under the Plan, respectively, subject to vesting restrictions based on service. Such restricted time-based stock awards vest ratably on an annual basis over a service period of three to four years. The number of shares granted was determined based on the 10-day volume weighted average price using the 10 trading days immediately preceding the grant date.
Performance-Based Restricted Stock Units
During the years ended December 31, 2019 and 2018 the Company granted approximately 158,000 and 133,000 restricted stock units, respectively, under the Plan subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period. We used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be earned and vested pursuant to the award as these awards were deemed to have a market condition. The risk-free interest rate assumptions used in the Monte Carlo Simulation were determined based on the zero-coupon risk-free rate of 2.5% - 2.7% and an expected price volatility of 13.3% - 20.0%. The expected price volatility was calculated based on both historical and implied volatility. 
The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:
 
Year Ended December 31,
 
Period from
October 6, 2017
to December 31, 2017
(In thousands)
2019
 
2018
 
Stock-based compensation expense
$
5,223

 
$
2,342

 
$
1,385


The following table details the activity of our incentive stock, time-based restricted stock and performance-based restricted stock units:
 
Shares
 
Weighted Average Grant Date Fair Value
Outstanding as of Formation Date
—

 
$
—

Granted
174,572

 
15.41

Vested
(50,962
)
 
14.90

Forfeited
—

 
—

Canceled
—

 
—

Outstanding as of December 31, 2017
123,610

 
15.61

Granted
336,980

 
19.37

Vested
(59,954
)
 
10.18

Forfeited
(2,383
)
 
16.88

Canceled
—

 
—

Outstanding as of December 31, 2018
398,253

 
19.60

Granted
338,788

 
22.03

Vested
(121,786
)
 
18.57

Forfeited
(13,783
)
 
20.44

Canceled
—

 
—

Outstanding as of December 31, 2019
601,472

 
$
21.16


As of December 31, 2019, there was $7.8 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 1.7 years.