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STOCK-BASED COMPENSATION PLANS
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS
7. STOCK-BASED COMPENSATION PLANS
On April 3, 2015, our board of directors (the “Board of Directors”) unanimously approved the CIM Commercial Trust Corporation 2015 Equity Incentive Plan (the "2015 Equity Incentive Plan"), which was approved by our stockholders. Under the 2015 Equity Incentive Plan, we granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors as follows:
Grant Date (1)Vesting DateRestricted Shares of Common Stock - IndividualRestricted Shares of Common Stock - Aggregate
May 2018May 20191,126 3,378 
May 2019May 2020889 3,556 
July 2019May 2020 (2)81 324 
May 2020(3)5,478 21,912 
(1)Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. We recorded compensation expense related to these restricted shares of Common Stock in the amount of $55,000 and $56,000 for the three months ended September 30, 2020 and 2019, respectively, and $167,000 and $138,000 for the nine months ended September 30, 2020 and 2019, respectively.
(2)These shares vested in May 2020 concurrent with the vesting of the restricted shares of Common Stock granted in May 2019.
(3)These shares will vest after one year of continuous service.
As of September 30, 2020, there was $128,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.