STOCK-BASED COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Granted Awards of Restricted Shares of Common Stock to each Independent Members of the Board of Directors

Grant Date (1)	Vesting Date	Restricted Shares of Common Stock - Individual	Restricted Shares of Common Stock - Aggregate
May 2019	May 2020	889	3,556
July 2019	May 2020 (2)	81	324
May 2020	February 2021 (3)	5,478	5,478
May 2020	May 2021	5,478	16,434
May 2021	(4)	5,083	20,332

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(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. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $55,000 and $55,000 for the three months ended September 30, 2021 and 2020, respectively, and $165,000 and $167,000 for the nine months ended September 30, 2021 and 2020, respectively.

(2)These shares vested in May 2020 concurrent with the vesting of the restricted shares of Common Stock granted in May 2019.

(3)On February 11, 2021, the Company’s Board of Directors approved the immediate vesting of 5,478 shares that had been granted in May 2020 to a former independent member of the Board of Directors following his death.

(4)These shares will vest after one year of continuous service.