Stock-based Payments and Director Fees (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of management fees and director fees

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

Stock-based Management Fees and Director Fees

	For the year ended December 31,
	2018			2017			2016
	Number of shares	Amount of expense recognized(1)		Number of shares	Amount of expense recognized(1)		Number of shares	Amount of expense recognized(1)
Management fees	200,405	$	2,813	150,652	$	2,335	70,957	$	1,068
Independent director fees	9,628	—		9,708	150		6,648	100
	210,033	$	2,813	160,360	$	2,485	77,605	$	1,168

(1) All management fees and independent director fees are fully expensed in the period in which the underlying expense is incurred.

Schedule of activity in restricted stock

The following table sets forth the activity in the Company’s restricted stock plans ($ in thousands, except per share amounts):

	Total Grants			Activity			Non-vested shares at December 31, 2018			Fully-vested shares at December 31, 2018
Year ended December 31, 2018	Total shares granted	Total expected cost of grant		Shares granted during the year	Grant expense recognized for the year		Shares	Per share grant fair value		Shares	Per share grant date fair value
Directors’ Grants(1)	12,000	$	162	12,000	$	148	6,000	$	13.48	6,000	$	13.48
Employee and Service Provider Grant, granted 2016(2,5)	146,334	1,976		—	629		47,889	13.50		98,445	13.50
Employee and Service Provider Grant, granted 2017(3)	39,000	544		—	180		26,000	13.95		13,000	13.95
Employee and Service Provider Grant, granted 2018(4)	36,500	496		36,500	69		36,500	13.58		—	—
Totals	233,834	$	3,178	48,500	$	1,026	116,389	$	13.62	117,445	$	13.55

(1) Half of the 12,000 shares granted vest immediately while the remaining shares vest ratably over a one-year from grant date. Weighted average remaining life of unvested shares at December 31, 2018 is 0.2 years

(2) Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 0.6 years.

(3) Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 1.6 years.

(4) Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at December 31, 2018 is 2.6 years.

(5) Total is shown net of 2017 forfeitures of 4,000 shares and 2018 forfeitures of 2,666.

	Total Grants			Activity			Non-vested shares at December 31, 2017			Fully-vested shares at December 31, 2017
Year ended December 31, 2017	Total shares granted	Total expected cost of grant		Shares granted during the year	Grant expense recognized for the year		Shares	Per share grant fair value		Shares	Per share grant date fair value
Directors’ Grants(1)	10,000	$	146	—	$	14	—	$	—	10,000	$	14.61
Employee and Service Provider Grant, granted 2016(2,4)	149,000	2,027		—	675		99,333	13.50		49,667	13.50
Employee and Service Provider Grant, granted 2017(3)	39,000	542		39,000	76		39,000	13.95		—	—
Totals	198,000	$	2,715	39,000	$	765	138,333	$	13.83	59,667	$	13.69

(1) Vesting period is one year from grant date. Grant is fully vested at December 31, 2017.

(2) Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 1.6 years.

(3) Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at December 31, 2017 is 2.6 years.

(4) Total is shown net of 2017 forfeitures of 4,000 shares.

	Total Grants			Activity			Non-vested shares at December 31, 2016			Fully-vested shares at December 31, 2016
Year ended December 31, 2016	Total shares granted	Total expected cost of grant		Shares granted during the year	Grant expense recognized for the year		Shares	Per share grant fair value		Shares	Weighted average grant date fair value
Directors’ Grants(1)	10,000	$	146	2,000	$	16	2,000	$	13.79	8,000	$	13.79
Employee and Service Provider Grant, granted 2016(2)	153,000	2,053		153,000	278		153,000	13.50		—	—
Totals	163,000	$	2,199	155,000	$	294	155,000	$	13.50	8,000	$	13.79

(1) Vesting period is one year from grant date. Weighted average remaining life of grant at December 31, 2016 is 0.5 years

(2) Vesting is ratable over three-year period from grant date. Weighted average remaining life of grant at December 31, 2016 is 2.6 years.