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Stock-Based Compensation
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
(12) Stock-Based Compensation

The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units and restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service.

A summary of restricted stock unit activity is presented below:

 

     Shares      Weighted-
Average
Grant-Date
Fair Value
 

Unvested as of January 1, 2017

     —          —    

Granted

     561,555      $ 10.75  

Vested

     (129,792      10.55  

Forfeited

     (15,000      9.35  
  

 

 

    

Unvested as of December 31, 2017

     416,763      $ 10.86  
  

 

 

    

A summary of restricted stock activity is presented below:

 

     Shares      Weighted-
Average
Grant-Date
Fair Value
 

Unvested as of January 1, 2016

     284,459      $ 5.98  

Granted

     256,830        4.35  

Vested

     (180,526      5.69  

Forfeited

     (17,250      3.70  
  

 

 

    

Unvested as of December 31, 2016

     343,513        4.70  

Granted

     2,000        3.59  

Vested

     (143,611      4.16  

Forfeited

     (21,583      6.45  
  

 

 

    

Unvested as of December 31, 2017

     180,319      $ 5.47  
  

 

 

    

 

As of December 31, 2017, there was $5.6 million of total unrecognized compensation cost for restricted stock units and shares of restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.4 years.