STOCK-BASED COMPENSATION PLANS

Restricted Shares—A summary of our restricted shares as of December 31, 2019, 2018 and 2017 and the changes during the years ended is as follows:



	2019
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	3,378		$	44.40
Granted	3,880		$	56.66
Vested	(3,378	)	$	44.40
Balance, December 31	3,880		$	56.66



	2018
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	3,195		$	46.95
Granted	3,378		$	44.40
Vested	(3,195	)	$	46.95
Balance, December 31	3,378		$	44.40



	2017
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	3,615		$	56.26
Granted	3,195		$	46.95
Vested	(3,615	)	$	56.26
Balance, December 31	3,195		$	46.95

In May 2016, we granted awards of 1,131 restricted shares of Common Stock to each of the independent members of the Board of Directors (3,393 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 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 of $194,000, $162,000 and $153,000 for the years ended December 31, 2019, 2018 and 2017, respectively, related to these restricted shares of Common Stock.

We issued to two of our executive officers an aggregate of 666 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, $0 and $1,000 for the years ended December 31, 2019, 2018 and 2017, respectively, related to these restricted shares of Common Stock.

As of December 31, 2019, there was $75,000 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 2019, 2018 and 2017 was $150,000, $150,000 and $203,000, respectively.