Stock-Based Incentive Plans

12 Months Ended

Dec. 31, 2020

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, 2020, 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, 2020. 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, 2020, there were 2,263,098 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, 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
Granted		934,502			31.83
Vested		(1,004,315	)		34.26
Forfeited		(879	)		34.57
Balance as of December 31, 2020		1,627,890		$	33.14

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 1,627,890 shares of restricted class A common stock outstanding as of December 31, 2020 will vest as follows: 884,037 shares will vest in 2021; 549,548 shares will vest in 2022; and 194,305 shares will vest in 2023. As of December 31, 2020, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $51.4 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, 2020.