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STOCK-BASED COMPENSATION PLANS
9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS
In June 2017, we granted awards of 1,065 restricted shares of Common Stock to each of the independent members of the Board of Directors (3,195 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 1,126 restricted shares of Common Stock to each of the independent members of the Board of Directors (3,378 in aggregate) under the 2015 Equity Incentive Plan, which fully vested in May 2019 based on one year of continuous service. In May 2019, we granted awards of 889 restricted shares of Common Stock to each of the independent members of the Board of Directors (3,556 in aggregate) under the 2015 Equity Incentive Plan, which vest after one year of continuous service. In July 2019, we granted awards of 81 restricted shares of Common Stock to each of the independent members of the Board of Directors (324 in aggregate) under the 2015 Equity Incentive Plan, which will vest at the same time as the restricted shares of Common Stock granted in May 2019. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense related to these restricted shares of Common Stock in the amount of $56,000 and $38,000 for the three months ended September 30, 2019 and 2018, respectively, and $138,000 and $124,000 for the nine months ended September 30, 2019 and 2018, respectively.
As of September 30, 2019, there was $131,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized over the next year.