Share Options and Awards

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Note 10. Share Options and Awards

During 2020, we granted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return (“TSR”). The term of each grant varies depending upon the participant’s responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends from the date of grant. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested share awards are forfeited upon the termination of the participant’s employment with us.

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:


	Six Months Ended
	June 30, 2020
	Minimum		Maximum
Dividend yield	0.0	%	5.2	%
Expected volatility ⁽¹⁾	19.0	%	20.0	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.0	%	1.6	%

(1)	Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors.

A summary of the status of unvested share awards for the six months ended June 30, 2020 is as follows:


		Weighted
		Average
	Unvested	Grant
	Share	Date Fair
	Awards	Value
Outstanding, January 1, 2020	801,346	$	29.56
Granted:
Service-based awards	144,640		30.19
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	66,953		31.18
Market-based awards relative to three-year absolute TSR	66,952		21.29
Vested	(218,773)		34.07
Forfeited	(229)		29.07
Outstanding, June 30, 2020	860,889	$	28.00

As of June 30, 2020 and December 31, 2019, there was approximately $2.7 million and $2.1 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.9 years and 1.8 years at June 30, 2020 and December 31, 2019, respectively.