Under our Amended and Restated 2010 Long-Term Incentive Plan (as amended), 4.0 million common shares are reserved for issuance, and options and share awards of .7 million are available for future grant at December 31, 2020. This plan expires in April 2028.

Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $9.2 million in 2020, $8.3 million in 2019 and $7.3 million in 2018, of which $1.0 million in 2020, $.8 million in 2019 and $1.1 million in 2018 was capitalized.

The fair value of share options issued prior to 2012 was estimated on the date of grant using the Black-Scholes option pricing method based on the expected weighted average assumptions.

Following is a summary of the option activity for the three years ended December 31, 2020:

The total intrinsic value of options exercised was $1.0 million in 2020, $.9 million in 2019 and $3.6 million in 2018. All share options were vested, and there was no unrecognized compensation cost related to share options.

The following table summarizes information about share options outstanding and exercisable at December 31, 2020:

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:

(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 year ended December 31, 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	146,750		30.08
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
Trust manager awards	42,666		17.04
Vested	(265,672)		31.21
Forfeited	(2,700)		29.10
Outstanding, December 31, 2020	856,295	$	28.00

As of December 31, 2020 and 2019, there was approximately $1.8 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 1.6 years and 1.8 years at December 31, 2020 and 2019, respectively.