Stock-Based Incentive Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

STOCK-BASED INCENTIVE PLANS

We are externally managed by our Manager and do not currently have any employees. However, as of March 31, 2022, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments.

We had stock-based incentive awards outstanding under nine benefit plans as of March 31, 2022. Seven of such benefit plans have expired and no new awards may be issued under them. Under our two current benefit plans, a maximum of 5,000,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of March 31, 2022, there were 735,345 shares available under our current benefit plans.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:


	Restricted Class A Common Stock	Weighted-Average Grant Date Fair Value Per Share




Balance as of December 31, 2021	1,706,121	$	31.19
Granted	427,634	31.11
Vested	(162,055)	32.61

Balance as of March 31, 2022	1,971,700	$	31.06

These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,971,700 shares of restricted class A common stock outstanding as of March 31, 2022 will vest as follows: 876,043 shares will vest in 2022; 685,831 shares will vest in 2023; and 409,826 shares will vest in 2024. As of March 31, 2022, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $56.2 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.2 years from March 31, 2022.