| 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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May 2016
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14,742 |
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11,051 |
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8,188 |
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33,981 |
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August 2016
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— |
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12,781 |
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49,608 |
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62,389 |
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Total Granted
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14,742 |
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226,328 |
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66,652 |
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307,722 |
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23.79 |
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Vested
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(10,998 |
) |
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(103,428 |
) |
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(124,970 |
) |
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(239,396 |
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20.03 |
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Forfeited/canceled
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— |
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(37,299 |
) |
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(4,135 |
) |
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(41,434 |
) |
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21.64 |
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Nonvested shares at September 30, 2016 (1)
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39,108 |
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554,570 |
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459,327 |
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1,053,005 |
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$ |
22.18 |
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Unrecognized stock-based compensation expense as of September 30,
2016 (2)
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$ |
584 |
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$ |
10,836 |
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$ |
9,183 |
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$ |
20,603 |
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Weighted average remaining vesting period (years) as of September
30, 2016
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1.97 |
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3.60 |
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2.86 |
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3.22 |
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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 3.22 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 September 30,
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Nine Months
Ended September 30,
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2016 |
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2015 |
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2016 |
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2015 |
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Employee stock purchase plan
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$ |
54 |
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$ |
56 |
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$ |
162 |
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$ |
184 |
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RSAs – non-employee directors
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121 |
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91 |
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319 |
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228 |
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RSUs – employees
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734 |
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547 |
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2,210 |
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1,626 |
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RSUs – independent contractors (1)
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924 |
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1,474 |
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2,242 |
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4,712 |
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$ |
1,833 |
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$ |
2,168 |
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$ |
4,933 |
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$ |
6,750 |
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Common stock price at beginning of period
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$ |
25.41 |
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$ |
46.14 |
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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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$ |
26.15 |
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$ |
45.99 |
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$ |
26.15 |
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$ |
45.99 |
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Increase (decrease) in stock price
|
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$ |
0.74 |
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$ |
(0.15 |
) |
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$ |
(2.99 |
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$ |
12.74 |
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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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