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Stock-Based Compensation Plans (Tables)
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12 Months Ended |
|
Dec. 31, 2014
|
| Summary of Stock Option Activity - Pre-IPO |
The following is a summary of MMREIS’s stock option
activity:
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Year Ended
December 31, |
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2013 |
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2012 |
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Shares
Under
Options |
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Weighted-
Average
Exercise
Price |
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Shares
Under
Options |
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Weighted-
Average
Exercise
Price |
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Options outstanding at beginning of year:
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750 |
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$ |
28.86 |
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3,500 |
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$ |
25.67 |
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Granted
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— |
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— |
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|
750 |
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|
28.86 |
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Exercised
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(750 |
) |
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28.86 |
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(3,500 |
) |
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25.67 |
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Options outstanding at end of year
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— |
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$ |
— |
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750 |
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$ |
28.86 |
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| Summary of Restricted Common Stock Activity - Pre - IPO |
The following is a summary of MMREIS’s restricted common
stock activity:
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Year Ended December 31,
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2013 |
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2012 |
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Restricted
Stock |
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|
Weighted-
Average
Grant
Date Fair
Value |
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|
Restricted
Stock |
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|
Weighted-
Average
Grant
Date Fair
Value |
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Restricted common stock outstanding at beginning of year:
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27,999 |
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$ |
23.67 |
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24,499 |
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$ |
23.36 |
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Issued upon exercise of stock options
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750 |
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28.86 |
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3,500 |
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25.87 |
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Exchange of common stock (1)
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(28,749 |
) |
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— |
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— |
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— |
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Restricted common stock outstanding at end of year
|
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— |
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$ |
— |
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27,999 |
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$ |
23.67 |
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Restricted common stock vested at end of year
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— |
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22,682 |
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Restricted common stock unvested at end of year
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— |
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5,317 |
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(1) |
Exchanged for new Marcus &
Millichap stock prior to the IPO. Refer to Note 9 –
“Stockholders’ Equity” for additional information
on the exchange of common stock. |
|
| Summary of SARs Activity - Pre - IPO |
The following is a summary of MMREIS’s SARs activity:
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Year Ended December 31,
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2013
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2012
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SARs outstanding at beginning of period:
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28,733 |
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|
27,983 |
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Granted
|
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— |
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|
750 |
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Settled (1)
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(28,733 |
) |
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— |
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SARs outstanding at end of period
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— |
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28,733 |
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SARs vested at end of period
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— |
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22,666 |
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(1) |
Prior to the IPO, outstanding
SAR’s were settled by exchanging the SAR’s for
DSU’s for 2,192,413 shares of the new Marcus &
Millichap common stock and a fixed SAR’s liability amount.
SeeAmendments to Restricted Stock and SARs below. |
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| Components of Stock-Based Compensation Included in Consolidated Statements of Net and Comprehensive Income |
The following table summarizes the components of stock-based
compensation included in the consolidated statements of net and
comprehensive income (in thousands):
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Year Ended
December 31, |
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2014 |
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2013 |
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2012 |
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Restricted stock and SARs (prior to IPO)
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$ |
— |
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$ |
4,679 |
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$ |
7,448 |
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Stock based compensation in connection with IPO
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— |
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30,886 |
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— |
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Employee stock purchase plan
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128 |
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— |
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— |
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RSAs – non-employee directors
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197 |
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20 |
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— |
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RSUs – employees
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817 |
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88 |
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|
— |
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RSUs – independent contractors
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3,892 |
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168 |
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— |
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$ |
5,034 |
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$ |
35,841 |
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$ |
7,448 |
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| Post IPO [Member] |
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| Outstanding Awards Under 2013 Omnibus Equity Incentive Plan |
The following table summarizes the Company’s activity under
the 2013 Plan for the year ended December 31, 2014 (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, 2013
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30,000 |
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313,155 |
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570,760 |
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913,915 |
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$ |
14.46 |
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Granted
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February 2014
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—
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—
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38,088 |
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38,088 |
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May 2014
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22,884 |
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6,991 |
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31,780 |
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61,655 |
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August 2014
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—
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6,346 |
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12,474 |
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18,820 |
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November 2014
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—
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9,584 |
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4,638 |
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14,222 |
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December 2014
|
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|
—
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|
216,411 |
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|
—
|
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|
216,411 |
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Total Granted
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22,884 |
|
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|
239,332 |
|
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86,980 |
|
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|
349,196 |
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|
27.46 |
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Vested
|
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(10,002 |
) |
|
|
— |
|
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|
— |
|
|
|
(10,002 |
) |
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12.00 |
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Transferred
|
|
|
— |
|
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(8,596 |
) |
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8,596 |
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— |
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14.54 |
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Forfeited/canceled
|
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|
— |
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(27,454 |
) |
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(18,646 |
) |
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(46,100 |
) |
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14.65 |
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Nonvested shares at December 31, 2014 (1)
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42,882 |
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516,437 |
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647,690 |
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1,207,009 |
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$ |
18.23 |
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Unrecognized stock-based compensation expense as of
December 31, 2014 (2)
|
|
$ |
503 |
|
|
$ |
10,126 |
|
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$ |
16,546 |
|
|
$ |
27,175 |
|
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Weighted average remaining vesting period (years) as of
December 31, 2014
|
|
|
2.11 |
|
|
|
4.46 |
|
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|
4.05 |
|
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|
4.15 |
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(1) |
Nonvested RSU’s will be settled
through the issuance of new shares of common stock. |
|
(2) |
The total unrecognized compensation
expense is expected to be recognized over a weighted-average period
of approximately 4.15 years. |
|