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Share Based Compensation
3 Months Ended
Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share Based Compensation
SHARE-BASED COMPENSATION
 
Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board of Directors and the Compensation Committee of our Board of Directors to approve grants of options, awards of restricted shares, performance awards, phantom share awards and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. No more than 18.7 million Civeo common shares may be issued under the Civeo Plan.
 
Outstanding Awards
 
Restricted Share Awards / Restricted Share Units / Deferred Share Awards. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended March 31, 2020 and 2019 totaled $1.3 million and $1.4 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three months ended March 31, 2020 and 2019 was $2.3 million and $3.5 million, respectively.    
 
At March 31, 2020, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $4.0 million, which is expected to be recognized over a weighted average period of 1.4 years.
 
Phantom Share Awards. On February 25, 2020, we granted 3,741,094 phantom share awards under the Civeo Plan, which vest in three equal annual installments beginning on February 25, 2021. We also granted 1,221,725 phantom share awards under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on February 25, 2021.

During the three months ended March 31, 2020 and 2019, we recognized compensation expense associated with phantom shares totaling $0.3 million and $3.1 million, respectively. At March 31, 2020, unrecognized compensation cost related to phantom shares was $2.3 million, as remeasured at March 31, 2020, which is expected to be recognized over a weighted average period of 2.7 years.
 
Performance Awards. During the three months ended March 31, 2020 and 2019, we recognized compensation expense associated with performance awards totaling $0.9 million and $1.1 million, respectively. The total fair value of performance share awards that vested during the three months ended March 31, 2020 and 2019 was $1.9 million and $10.1 million, respectively.

At March 31, 2020, unrecognized compensation cost related to performance shares was $4.1 million, which is expected to be recognized over a weighted average period of 1.6 years.