| 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, 2018
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27,096 |
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471,782 |
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392,697 |
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891,575 |
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$ |
27.59 |
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Granted
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February 2019
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— |
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204,060 |
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7,731 |
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211,791 |
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Total Granted
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— |
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204,060 |
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7,731 |
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211,791 |
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39.45 |
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Vested (1)
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— |
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(152,816 |
) |
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(137,580 |
) |
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(290,396 |
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21.74 |
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Transferred
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— |
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(4,915 |
) |
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4,915 |
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— |
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28.80 |
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Forfeited/canceled
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— |
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(3,277 |
) |
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(11,767 |
) |
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(15,044 |
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32.17 |
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Nonvested shares at March 31,
2019 (2)
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27,096 |
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514,834 |
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255,996 |
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797,926 |
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$ |
32.78 |
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Unrecognized stock-based compensation expense as of
March 31, 2019 (3)
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$ |
182 |
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$ |
16,149 |
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$ |
8,221 |
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$ |
24,552 |
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Weighted average remaining vesting period (years) as of
March 31, 2019
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0.81 |
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3.92 |
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3.27 |
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3.68 |
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| (1) |
Includes vested shares delivered subsequent to
March 31, 2019.
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| (2) |
Nonvested RSUs will be settled through the issuance of
new shares of common stock.
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| (3) |
The total unrecognized compensation expense is
expected to be recognized over a weighted-average period of
approximately 3.68 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):
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Three Months Ended
March 31, |
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2019 |
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2018 |
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Employee stock purchase plan
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$ |
30 |
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$ |
39 |
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RSAs – non-employee directors
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170 |
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111 |
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RSUs – employees
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1,345 |
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953 |
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RSUs – independent contractors (1)
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796 |
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1,510 |
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$ |
2,341 |
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$ |
2,613 |
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| (1) |
The Company grants RSUs to independent contractors
(i.e. investment sales and financing professionals), who are
considered non-employees. Prior
to the adoption of ASU No. 2018-07 on
July 1, 2018, such awards were required to be measured at fair
value at the end of each reporting period until settlement.
Stock-based compensation expense was therefore impacted by the
changes in the Company’s common stock price during each
reporting period prior to the date of adoption. New awards after
the date of adoption are measured based on the grant date closing
price of the Company’s common stock consistent with awards
made to the Company’s employees
and non-employee directors.
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