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Stock-Based Incentive Plans
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Incentive Plans
14. STOCK-BASED INCENTIVE PLANS
We are externally managed by our Manager and do not currently have any employees. However, as of December 31, 2019, 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 December 31, 2019. 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 December 31, 2019, there were 3,243,346 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, 2017
   
1,484,175
    $
30.61
 
Granted
   
1,001,267
     
33.93
 
Vested
   
(852,715
 )    
30.10
 
Forfeited
   
(17,820
 )    
30.44
 
                 
Balance as of December 31, 2018
   
1,614,907
    $
32.94
 
                 
Granted
   
1,049,647
     
34.69
 
Vested
   
(948,407
 )    
32.08
 
Forfeited
   
(17,565
 )    
31.55
 
                 
Balance as of December 31, 2019
   
         1,698,582
    $
                  34.52
 
                 
 
 
 
 
 
 
 
 
 
 
 
These shares generally vest in installments over a
three-year
period, pursuant to the terms of the respective award agreements and the terms of
our current benefit
 plans
. The 1,698,582 shares of restricted class A common stock outstanding as of December 31, 2019 will vest as follows: 887,293 shares will vest in 2020; 573,040 shares will vest in 2021; and 238,249 shares will vest in 2022. As of December 31, 2019, total unrecognized compensation cost relating to
un
vested share-based compensation arrangements was $55.8 million based on the grant date fair value of shares granted subsequent to
July 1
,
2018.
The compensation cost of our share-based compensation arrangements for awards granted before
July 1
,
2018
 is based on the closing price of our class A common stock of $31.43 on June 29, 2018, the last trading day prior to
July 1
,
2018.
This cost is expected to be recognized over a weighted
-
average period of 1.2 years from December 31, 2019.