EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.7 years. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2020, 2019 and 2018. Of the shares that vested in 2020, 2019 and 2018, 36,445 shares, 28,955 shares and 23,824 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan. As of the grant date, the fair value of shares that were granted during 2020, 2019 and 2018 was $7,028,000, $5,672,000 and $4,223,000, respectively. As of the vesting date, the fair value of shares that vested during 2020, 2019 and 2018 was $11,754,000, $6,662,000 and $5,142,000, respectively. Restricted Stock Activity: Years Ended December 31, 2020 2019 2018 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 130,884 $ 82.78 143,314  $ 70.26  152,644  $ 63.18  Granted  69,446 101.19 59,943  94.62  50,217  84.09  Forfeited  (440) 112.14 (3,010) 86.19  —  —  Vested  (86,765) 73.80 (69,363) 66.99  (59,547) 63.77  Unvested at end of year  113,125 100.86 130,884  82.78  143,314  70.26  (1) Does not include the restricted shares that may be earned if the performance goals established in 2018 and 2019 for long-term performance and in 2020 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 109,884. (1)  Following is a vesting schedule of the total unvested shares as of December 31, 2020: Unvested Shares Vesting Schedule Number of Shares 2021 44,807  2022 31,870  2023 22,089  2024 11,899  2025 2,460  Total Unvested Shares 113,125  Directors Equity Awards The Board of Directors has adopted a policy under the 2013 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual retainer share award to each non-employee Director who has been elected or reelected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $100,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual retainer share award shall be pro rated. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company's Common Stock on such date. These restricted shares will vest over a four-year period upon the performance of future service as a Director, subject to certain exceptions. Directors were issued 8,182 shares, 6,384 shares and 8,478 shares of common stock as annual retainer awards for 2020, 2019 and 2018, respectively. During the third quarter of 2020, 208 shares were granted to a newly elected non-employee Director subject only to continued service as of the vesting date. The shares, which have a grant date fair value of $120.39 per share, will vest 25% per year on July 13 in years 2021, 2022, 2023 and 2024. The shares are being expensed on a straight-line basis over the remaining service period. 75