At the 2016 Annual Meeting of Shareholders, our shareholders approved the 2016 Equity Plan ("2016 Plan"). The 2016 Plan provides that awards may be made in Common Shares of the Company or units in the Company’s operating partnership, which may be converted into Common Shares. Subject to adjustment as provided by the terms of the 2016 Plan, the maximum aggregate number of Common Shares with respect to which awards may be granted under the 2016 Plan will be increased based on future issuances of Common Shares and units of the operating partnership, including issuances pursuant to the 2016 Plan, so that at any time the maximum number of shares that may be issued under the 2016 Plan shall equal 12.5% of the aggregate number of Common Shares and units of the operating partnership issued and outstanding (other than treasury shares and/or units issued to or held by the Company). There were 2,086,655 shares available for grant under the 2016 Plan at September 30, 2022.

The Company did not recognize any stock-based compensation expense for trustee compensation or employee stock-based compensation in the three and nine months ended September 30, 2022.

For the three and nine months ended September 30, 2021, the Company recognized $9 thousand and $26 thousand for employee stock-based compensation, respectively. These awards were subsequently forfeited in 2021. The Company did not recognize any stock-based compensation expense for trustee compensation in the three and nine months ended September 30, 2022.

Options. The Company has a single option award outstanding for 667 shares of our Common Stock for $33.75. This award is fully vested and remains effective until 90 days after the term ends of the individual trustee. The awards have no intrinsic value as they were out-of-the-money at September 30, 2022. No compensation expense was recognized for these awards in the nine months ended September 30, 2022 or 2021 as the awards became fully vested in previous years.