STOCK-BASED COMPENSATION PLANS

Restricted Shares—A summary of our restricted shares as of December 31, 2018, 2017 and 2016 and the changes during the years ended is as follows:



	2018
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	9,585		$	15.65
Granted	10,134		$	14.80
Vested	(9,585	)	$	15.65
Balance, December 31	10,134		$	14.80



	2017
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	10,844		$	18.75
Granted	9,585		$	15.65
Vested	(10,844	)	$	18.75
Balance, December 31	9,585		$	15.65



	2016
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	8,002		$	18.27
Granted	10,176		$	18.87
Vested	(7,334	)	$	18.10
Balance, December 31	10,844		$	18.75

In April 2015, we granted awards of 2,000 restricted shares of Common Stock to each of the independent members of the Board of Directors (6,000 in aggregate) under the 2015 Equity Incentive Plan, which fully vested in April 2016 based on one year of continuous service. In May 2016, we granted awards of 3,392 restricted shares of Common Stock to each of the independent members of the Board of Directors (10,176 in aggregate) under the 2015 Equity Incentive Plan, which fully vested in May 2017 based on one year of continuous service. In June 2017, we granted awards of 3,195 restricted shares of Common Stock to each of the independent members of the Board of Directors (9,585 in aggregate) under the 2015 Equity Incentive Plan, which fully vested in June 2018 based on one year of continuous service. In May 2018, we granted awards of 3,378 restricted shares of Common Stock to each of the independent members of the Board of Directors (10,134 in aggregate) under the 2015 Equity Incentive Plan, which vest after one year of continuous service. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense of $162,000, $153,000 and $155,000 for the years ended December 31, 2018, 2017 and 2016, respectively, related to these restricted shares of Common Stock.

We issued to two of our executive officers an aggregate of 2,000 restricted shares of Common Stock on May 6, 2014, which fully vested in May 2016, and an aggregate of 2,000 shares of Common Stock on March 6, 2015, which fully vested in March 2017. The restricted shares of Common Stock vested based on two years of continuous service with one-third of the shares of Common Stock vesting immediately upon issuance and one-third vesting at the end of each of the next two years from the date of issuance. Compensation expense related to these restricted shares of Common Stock was recognized over the vesting period. We recognized compensation expense of $0, $1,000 and $9,000 for the years ended December 31, 2018, 2017 and 2016, respectively, related to these restricted shares of Common Stock.

As of December 31, 2018, there was $49,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized over the next year. The estimated fair value of restricted shares vested during 2018, 2017 and 2016 was $150,000, $203,000 and $133,000, respectively.