At the Company’s 2014 annual meeting, the shareholders adopted the Company’s 2014 Incentive Plan (“2014 Incentive Plan”). The 2014 Incentive Plan authorizes the Company to grant options, stock awards, stock units and other awards for up to 375,000 common shares of the Company. There were 159,617 shares available for future grants under this plan at March 31, 2021.

No options were granted under the 2014 Incentive Plan during the periods ended March 31, 2021 and 2020.

Each year, the Board of Directors has awarded restricted common shares to senior officers of the Company. The restricted shares vest ratably over a three-year period following the grant date. The product of the number of restricted shares granted and the grant date market price of the Company’s common shares determines the fair value of restricted shares awarded under the Company’s 2014 Incentive Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award.

The Company classifies share-based compensation for employees with “Compensation expense” in the Consolidated Statements of Operations.

The following is a summary of the Company’s outstanding restricted shares and changes therein for the three-month period ended March 31, 2021:

	Three months ended
	March 31, 2021
	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Nonvested at beginning of period		54,274		$	20.90
Granted		39,139			19.17
Vested		(20,275	)		20.35
Forfeited		—			—
Nonvested at end of period		73,138		$	20.13

The following is a summary of the status of the Company’s outstanding restricted shares as of March 31, 2021:

At March 31, 2021
Date of Award	Shares		Remaining Expense		Remaining Vesting Period (Years)
March 20, 2017		1,198	$	18		0.75
April 10, 2018		3,114		54		1.75
March 14, 2019		3,401		48		0.75
March 14, 2019		6,560		109		2.75
March 14, 2020		9,336		163		1.75
March 14, 2020		10,390		185		3.75
March 3, 2021		16,799		286		4.75
March 3, 2021		22,340		271		2.75
		73,138	$	1,134		3.06

The Company recorded $125 and $124 of share-based compensation expense during the three-months ended March 31, 2021 and 2020, respectively, for shares granted under the 2014 Incentive Plan. At March 31, 2021, the total compensation cost related to unvested awards not yet recognized is $1,134, which is expected to be recognized over the weighted average remaining life of the grants of 3.06 years.