| Outstanding Awards Under 2013 Omnibus Equity Incentive Plan |
Activity under the 2013 Plan consisted of the following (dollars in
thousands, except per share data):
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RSA
Grants to
Non-employee
Directors |
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RSU
Grants to
Employees |
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RSU
Grants to
Independent
Contractors |
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Total |
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Weighted-
Average Grant
Date Fair Value
Per Share |
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Nonvested shares at December 31, 2017
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30,732 |
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500,859 |
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450,264 |
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981,855 |
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$ |
23.90 |
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Granted
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February 2018
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—
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106,419 |
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20,293 |
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126,712 |
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March 2018
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—
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15,000 |
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—
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15,000 |
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May 2018
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12,852 |
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4,854 |
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14,280 |
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31,986 |
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Total Granted
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12,852 |
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126,273 |
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34,573 |
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173,698 |
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32.90 |
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Vested
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(12,936 |
) |
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(138,229 |
) |
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(136,511 |
) |
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(287,676 |
) |
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21.13 |
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Transferred
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— |
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— |
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— |
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— |
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— |
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Forfeited/canceled
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— |
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(1,960 |
) |
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(4,598 |
) |
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(6,558 |
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29.21 |
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Nonvested shares at June 30, 2018 (1)
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30,648 |
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486,943 |
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343,728 |
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861,319 |
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$ |
26.60 |
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Unrecognized stock-based compensation expense as of June 30,
2018 (2)
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$ |
708 |
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$ |
11,743 |
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$ |
9,798 |
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$ |
22,249 |
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Weighted average remaining vesting period (years) as of
June 30, 2018
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1.14 |
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3.38 |
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2.77 |
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3.04 |
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| (1) |
Nonvested RSUs will be settled through the issuance of
new shares of common stock.
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| (2) |
The total unrecognized compensation expense is
expected to be recognized over a weighted-average period of
approximately 3.04 years.
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| Stock-Based Compensation Expense |
Components of stock-based compensation are included in selling,
general and administrative expense in the condensed consolidated
statements of net and comprehensive income consisted of the
following (in thousands, except common stock price):
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Three Months
Ended June 30, |
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Six Months
Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Employee stock purchase plan
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$ |
24 |
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$ |
29 |
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$ |
63 |
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$ |
75 |
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RSAs – non-employee
directors
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165 |
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90 |
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276 |
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179 |
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RSUs – employees
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1,096 |
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952 |
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2,049 |
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1,866 |
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RSUs – independent contractors (1)
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1,874 |
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1,044 |
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3,384 |
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1,861 |
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$ |
3,159 |
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$ |
2,115 |
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$ |
5,772 |
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$ |
3,981 |
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Common stock price at beginning of period
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$ |
36.06 |
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$ |
24.58 |
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$ |
32.61 |
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$ |
26.72 |
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Common stock price at end of period
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$ |
39.01 |
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$ |
26.36 |
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$ |
39.01 |
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$ |
26.36 |
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Increase (decrease) in stock price
|
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$ |
2.95 |
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$ |
1.78 |
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$ |
6.40 |
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$ |
(0.36 |
) |
| (1) |
The Company grants RSUs to independent contractors
(i.e. investment sales and financing professionals), who are
considered non-employees
under the accounting standards. Accordingly, such awards are
required to be measured at fair value at the end of each reporting
period until settlement. Stock-based compensation expense is
therefore impacted by the changes in the Company’s common
stock price during each reporting period.
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