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Stock-based Payments and Director Fees
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Payments and Director Fees Stock-based Payments and Director Fees
Each of the Company’s independent directors receives an annual retainer of $140,000, payable quarterly. Prior to the third quarter of 2024, 50% of the fee was payable in shares of the Company's common stock and 50% was payable in cash. The Company had the option to pay the annual retainer with up to 100% in cash at its discretion. In the third quarter of 2024, the Company’s Board of Directors voted to revise the independent directors’ compensation so that on a quarterly basis, each director may elect to take their fees in either cash or stock. During the nine months ended September 30, 2024, the Company's lead director of the special committee was paid an additional one-time payment of $15,000, paid as a lump sum, 100% of which was paid in shares of the Company's common stock in the first quarter of 2024.

The following table sets forth the Company’s stock-based independent director fees ($ in thousands):

Stock-based Director Fees
For the three months ended September 30,
20242023
Number of shares
Amount of expense recognized
Number of shares
Amount of expense recognized
Independent director fees2,000 $— — $— 
Totals2,000 $— — $— 

For the nine months ended September 30,
20242023
Number of shares
Amount of expense recognized
Number of shares
Amount of expense recognized
Independent director fees2,000 $— 13,020 $88 
Totals2,000 $— 13,020 $88 
Restricted Stock

The Company may periodically issue equity or equity-based incentive awards to RCM GA, which may in turn issue incentives to the directors, managers, officers, employees of, or advisors or consultants to, RCM GA or its affiliate. The Company previously granted shares of its common stock to employees of the Former Manager and the Former Servicer. The Company granted no shares of its common stock during the three months ended September 30, 2024; however, during the nine months ended September 30, 2024 the Company granted 66,421 shares of its common stock, which have vesting periods of up to one year. Comparatively, the Company granted 3,103 and 28,562 shares of its common stock to employees of the Former Manager and the Former Servicer during the three and nine months ended September 30, 2023, respectively, which have vesting periods of four years. Grants of restricted stock use grant date fair value of the stock as the basis for measuring the cost of the grant. All restricted stock granted to employees of the Former Manager and the Former Servicer vested as of May 20, 2024 in connection with stockholder approval of the Strategic Transaction.

The Company may issue grants of its shares of common stock from time to time to its directors. Also, in connection with the Strategic Transaction, any former directors’ shares that did not fully vest as of the transaction date were forfeited. The two remaining directors that remained on the reconstituted Board of Directors remain on the same vesting terms.

Under the Company’s 2014 Director Equity Plan and 2016 Equity Incentive Plan, the Company made grants of restricted stock to its Directors and to employees of the Former Manager and the Former Servicer as set forth in the table below:

Employee and Service Provider GrantsDirector Grants
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Nine months ended September 30, 2023
January 1, 2023 outstanding unvested share grants310,262 $10.98 — $— 
Shares vested(30,515)11.56 — — 
Shares forfeited(5,668)10.30 — — 
Shares granted3,000 7.34 25,000 7.15 
March 31, 2023 outstanding unvested share grants277,079 $10.88 25,000 $7.15 
Shares vested(9,475)11.25 — — 
Shares forfeited(7,084)11.16 — — 
Shares granted22,459 6.50 — — 
June 30, 2023 outstanding unvested share grants282,979 (1)$10.52 25,000 (2)$7.15 
Shares vested(104,503)10.81 — — 
Shares forfeited(4,251)10.60 — — 
Shares granted3,103 6.95 — — 
September 30, 2023 outstanding unvested share grants177,328 $10.28 25,000 $7.15 
(1)Weighted average remaining life of unvested shares for employee and service provider grants at September 30, 2023 is 1.8 years.
(2)Weighted average remaining life of unvested shares for director grants at September 30, 2023 is 1.4 years.
Employee and Service Provider GrantsDirector Grants
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Nine months ended September 30, 2024
January 1, 2024 outstanding unvested share grants159,142 $10.33 25,000 $7.15 
Shares vested(3,250)10.74 — — 
Shares forfeited(2,167)7.89 — — 
Shares granted66,421 3.59 — — 
March 31, 2024 outstanding unvested share grants220,146 $8.29 25,000 $7.15 
Shares vested(210,093)9.40 (12,500)7.15 
Shares forfeited(10,053)8.79 (7,500)7.15 
Shares granted— — — — 
June 30, 2024 outstanding unvested share grants— $— 5,000 (1)$7.15 
Shares vested— — — — 
Shares forfeited— — — — 
Shares granted— — 2,000 3.56 
September 30, 2024 outstanding unvested share grants— $— 7,000 $6.12 
(1)Weighted average remaining life of unvested shares for employee and service provider grants at September 30, 2024 is 0.7 years.

The following table presents the expenses for the Company’s equity incentive plans ($ in thousands):

Three months ended September 30,Nine months ended September 30,
2024202320242023
Restricted stock grants$— $353 $1,409 $1,154 
Director grants13 22 51 112 
Total expenses for plan grants$13 $375 $1,460 $1,266