Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

Stock Based Compensation
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
WashREIT maintains short-term (“STIP”) and long-term (“LTIP”) incentive plans that allow for stock based awards to officers and non-officer employees. Stock based awards are provided to officers and non-officer employees, as well as trustees, under the Washington Real Estate Investment Trust 2016 Omnibus Incentive Plan which allows for awards in the form of restricted shares, restricted share units, options and other awards up to an aggregate of 2,400,000 shares over the ten-year period in which the plan will be in effect. Restricted share units are converted into shares of our stock upon full vesting through the issuance of new shares.

Total Compensation Expense

Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards was $2.7 million and $2.1 million for the 2021 Quarter and 2020 Quarter, respectively, and $6.5 million and $5.9 million for the 2021 Period and 2020 Period, respectively.

Restricted Share Awards

The total fair values of restricted share awards vested was $1.6 million and $0.8 million for the 2021 Period and 2020 Period, respectively.
The total unvested restricted share awards at September 30, 2021 was 430,993 shares, which had a weighted average grant date fair value of $28.46 per share. As of September 30, 2021, the total compensation cost related to unvested restricted share awards was $5.7 million, which we expect to recognize over a weighted average period of 18 months.