| 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, 2015
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35,364 |
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468,969 |
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521,780 |
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1,026,113 |
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$ |
21.17 |
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Granted
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February 2016
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—
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172,496 |
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8,856 |
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181,352 |
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March 2016
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—
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30,000 |
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—
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30,000 |
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Total Granted
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— |
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202,496 |
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8,856 |
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211,352 |
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22.98 |
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Vested
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— |
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(98,144 |
) |
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(113,212 |
) |
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(211,356 |
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18.88 |
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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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(6,300 |
) |
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(1,236 |
) |
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(7,536 |
) |
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17.91 |
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Nonvested shares at March 31,
2016 (1)
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35,364 |
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567,021 |
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416,188 |
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1,018,573 |
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$ |
22.05 |
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Unrecognized stock-based compensation expense as of March 31,
2016 (2)
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$ |
454 |
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$ |
12,377 |
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$ |
9,154 |
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$ |
21,985 |
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Weighted average remaining vesting period (years) as of
March 31, 2016
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1.57 |
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4.03 |
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3.00 |
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3.55 |
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(1) |
Nonvested RSU’s 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 3.55 years. |
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| Stock-Based Compensation Expense |
Components of stock-based compensation 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 March 31,
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2016 |
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2015 |
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Employee stock purchase plan
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48 |
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$ |
62 |
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RSAs – non-employee directors
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89 |
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59 |
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RSUs – employees
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658 |
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527 |
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RSUs – independent contractors (1)
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530 |
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1,259 |
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$ |
1,325 |
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$ |
1,907 |
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Common stock price at beginning of period
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$ |
29.14 |
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$ |
33.25 |
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Common stock price at end of period
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$ |
25.39 |
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$ |
37.48 |
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(Decrease) increase in stock price
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$ |
(3.75 |
) |
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$ |
4.23 |
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(1) |
The Company grants RSUs to
independent contractors (i.e. investment sales and financing
professionals), who are considered non-employees under ASC 718.
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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