Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

9. Share-Based Compensation

The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $0.6 million and $0.8 million of share-based compensation related expense during the three-month periods ended March 31, 2020 and 2019, respectively.

The Company granted zero and approximately 400,000 restricted stock units during the three-month periods ended March 31, 2020 and 2019, respectively. The weighted-average fair value of restricted stock units granted was estimated at $7.24 per unit during the three-months ended March 31, 2019.  The fair value of the restricted stock units was determined by using the value of stock in the open market on the date of grant.  

The fair value of the stock-based awards granted is recorded as compensation expense on a straight-line basis over the vesting periods of the awards.