Share-Based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement

Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):

	Year Ended December 31,
	2019		2018		2017
Compensation expense	$	478	$	255	$	—

Share-based Compensation, Activity

The following table presents restricted stock unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Restricted stock unit awards at January 1, 2018	—	$	—
Granted (2)	13,733	$	43.00
Vested	—	$	—
Forfeited	—	$	—
Restricted stock unit awards at December 31, 2018	13,733
Granted (3)	14,376	$	34.00
Vested	(7,188)	$	41.90
Forfeited	(2,139)	$	38.42
Restricted stock unit awards at December 31, 2019	18,782

____________________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of restricted stock unit awards issued during 2018 was $0.6 million based on a grant date market price of our common shares of $43.00 per share.

(3)The aggregate grant date fair value of restricted stock unit awards issued during 2019 was $0.5 million based on a grant date market price of our common shares of $34.00 per share.

The following table presents performance share unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Performance share unit awards at January 1, 2018	—	$	—
Granted (2)	7,932	$	43.00
Performance factor decrease (3)	(3,966)	$	43.00
Vested	—	$	—
Forfeited	—	$	—
Performance share unit awards at December 31, 2018	3,966
Granted (4)	8,094	$	34.00
Performance factor decrease (3)	(7,312)	$	34.23
Vested	(416)	$	43.00
Forfeited	(1,545)	$	37.37
Performance share unit awards at December 31, 2019	2,787

____________________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of performance share unit awards issued during 2018 was $0.2 million based on a grant date market price of our common shares of $43.00 per share and assuming a performance factor of 100 percent.

(3)The performance factor for awards granted in 2018 was lowered to 47.5 percent based on a comparison of actual results for 2018 to performance goals. The performance factor for awards granted in 2019 was lowered to 0 percent based upon a comparison of actual results for 2019 to performance goals.

(4)The aggregate grant date fair value of performance share unit awards issued during 2019 was $0.3 million based on a grant date market price of our common shares of $34.00 per share and assuming a performance factor of 100 percent.