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Stock Based Compensation
3 Months Ended
Mar. 31, 2014
Share-based Compensation [Abstract]  
Stock Based Compensation
10. Stock Based Compensation
During the three months ended March 31, 2014, we awarded 115,587 shares of restricted stock awards to certain employees, which had a fair value of $2,064 on the date of approval by the Compensation Committee of the Board of Directors and/or the Board of Directors. We issued Units to the Company in the same amounts. These restricted stock awards vest over a period of three years. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest.
During the three months ended March 31, 2014, we also awarded 184,218 shares of restricted stock awards to certain members of management, however, these shares are contingent upon obtaining shareholder approval on May 7, 2014. Units will be issued to the Company in the same amounts. No expense associated with the contingent shares has been recognized for the three months ended March 31, 2014. Once issued, one-third of the contingent shares will vest each year with the last tranche to vest on January 1, 2017 and compensation expense will be charged to earnings over the vesting period for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of the share.
If vesting of a recipient's restricted stock awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the three months ended March 31, 2014 and 2013, we recognized $0 and $1,008 of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required.
During the three months ended March 31, 2014 and 2013, we recognized $1,575 and $1,826 in amortization related to restricted stock and unit awards, of which $19 and $9, respectively, was capitalized in connection with development activities. At March 31, 2014, we had $7,614 in unrecognized compensation related to unvested restricted stock and unit awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.93 years.