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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of December 31, 2019, the Company had 1,750,857 shares available for future issuance under the Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan"). The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.
As of December 31, 2019, there was $5.1 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.62 years. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $7.5 million, $4.7 million and $6.0 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2019, 2018 and 2017, was $10.1 million, $10.0 million and $7.3 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2019 and 2018:

        
 
Number of
Award
Shares
 
Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2017
344,744

 
$
29.69

Granted
283,183

 
$
23.34

Released
(273,286
)
 
$
18.16

Canceled
(54,999
)
 
$
33.34

Outstanding at December 31, 2018
299,642

 
$
33.53

Granted
317,290

 
$
22.69

Released
(299,961
)
 
$
21.47

Canceled
—

 
$
—

Outstanding at December 31, 2019
316,971

 
$
34.10



Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs, which the Company believes derive at least 75% of revenues from triple-net leases and meet a minimum market capitalization. As of December 31, 2019, there was $8.9 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.67 years.  For the years ended December 31, 2019, 2018 and 2017, the Company recognized $8.7 million, $6.4 million and $9.7 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2019, and 2018 was $14.7 million and $20.1 million, respectively. No performance-based stock awards were released during the year ended December 31, 2017.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2019 and 2018:

        
 
Number of  Performance-Based Award Shares
 
Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2017
1,664,000

 
$
17.49

Granted
556,000

 
$
20.64

Released
(548,000
)
 
$
17.29

Canceled
(330,000
)
 
$
18.60

Outstanding at December 31, 2018
1,342,000

 
$
18.60

Granted
512,000

 
$
17.85

Released
(447,334
)
 
$
17.22

Canceled
(23,332
)
 
$
18.63

Outstanding at December 31, 2019
1,383,334

 
$
18.77