Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock-Based Compensation

Note 11 – Stock-Based Compensation

Restricted Stock Units

During the three months ended March 31, 2017, we granted 8,600 Restricted Stock Units (“RSUs”) to certain employees. The RSUs vest and settle over various times in a two year period, subject to each employee’s continued employment. The weighted average fair value at grant date for these shares was $9.13 per share, or approximately $79,000. Approximately $19,000 in RSU expense related to these shares was amortized for the three months ended March 31, 2017, of which $8,000 was capitalized in real estate under development for the three months ended March 31, 2017.

Our RSU activity for the three months ended March 31, 2017 was as follows:

	Three Months Ended March 31, 2017
			Weighted Average
	Number of		Fair Value at Grant
	Shares		Date
Non-vested at beginning of period		1,621,235	$	6.38
Granted RSUs		8,600	$	9.13
Vested		(659,117)	$	6.44
Non-vested at end of period		970,718	$	6.36

As of March 31, 2017, there was approximately $3.1 million of total unrecognized compensation cost related to RSUs which is expected to be recognized through December 2020.

During the three months ended March 31, 2017, we issued 177,234 shares of common stock to our Chief Executive Officer (the “CEO”) and to other employees to settle vested RSUs from previous RSU grants. In connection with those transactions, we repurchased 85,105 shares to provide for the CEO’s and other employees’ withholding tax liability at the applicable statutory withholding rates.