Marcus & Millichap, Inc. Quarterly report pursuant to Section 13 or 15(d)

Restricted Common Stock and Stock Appreciation Rights ("SARs") (Tables)

9 Months Ended

Sep. 30, 2013

The following is a summary of the Company’s stock option activity:


	Nine months Ended September 30,
	2013					2012
	Shares Under Options			Weighted- Average Exercise Price		Shares Under Options			Weighted- Average Exercise Price
Options outstanding at beginning of period:		750		$	28.86		3,500		$	25.67
Exercised		(750	)		28.86		(3,500	)		25.67

Options outstanding at end of period		—		$	—		—		$	—

The following is a summary of the Company’s restricted common stock activity:


	Nine months Ended September 30,
	2013				2012
	Restricted Stock		Weighted- Average Grant Date Fair Value		Restricted Stock		Weighted- Average Grant Date Fair Value
Restricted common stock outstanding at beginning of period:		27,999	$	23.36		24,499	$	23.36
Issued upon exercise of stock options		750		28.86		3,500		25.67

Restricted common stock outstanding at end of period		28,749	$	23.76		27,999	$	23.67

Restricted common stock vested at end of period		26,605				22,682
Restricted common stock unvested at end of period		2,144				5,317

The following is a summary of the Company’s SARs activity:


	Nine Months Ended September 30,
	2013		2012

SARs outstanding at beginning and end of period:		28,733		27,983

SARs vested at end of period		26,589		22,666

The total formula-settlement value and total compensation cost related to non-vested stock and SARs are as follows:

The total fair value of stock and SARs that vested during the nine months ended September 30 was as follows: