| 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, 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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Granted
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10,110 |
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31,713 |
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46,885 |
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88,708 |
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42.91 |
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Vested
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(17,628 |
) |
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(57,711 |
) |
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(138,119 |
) |
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(213,458 |
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14.90 |
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Transferred
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— |
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(8,423 |
) |
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8,423 |
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— |
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17.81 |
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Forfeited/canceled
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— |
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(13,047 |
) |
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(43,099 |
) |
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(56,146 |
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16.29 |
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Nonvested shares at December 31, 2015 (1)
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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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November 2016
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— |
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12,684 |
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15,228 |
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27,912 |
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Total Granted
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14,742 |
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239,012 |
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81,880 |
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335,634 |
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23.76 |
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Vested
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(20,994 |
) |
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(104,820 |
) |
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(132,309 |
) |
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(258,123 |
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19.88 |
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Transferred
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— |
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2,062 |
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(2,062 |
) |
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— |
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14.54 |
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Forfeited/canceled
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— |
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(38,743 |
) |
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(14,451 |
) |
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(53,194 |
) |
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20.07 |
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Nonvested shares at December 31, 2016 (1)
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29,112 |
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566,480 |
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454,838 |
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1,050,430 |
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$ |
22.38 |
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Unrecognized stock-based compensation expense as of
December 31, 2016 (2)
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$ |
482 |
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$ |
10,299 |
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$ |
8,559 |
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$ |
19,340 |
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Weighted average remaining vesting period (years) as of
December 31, 2016
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1.83 |
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3.40 |
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2.75 |
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3.07 |
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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 3.07 years. |
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| Stock-Based Compensation Expense |
Components of stock-based compensation included in selling, general
and administrative expense in the consolidated statements of net
and comprehensive income consisted of the following (in thousands,
except common stock price):
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Year Ended
December 31, |
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2016 |
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2015 |
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2014 |
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Employee stock purchase plan
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$ |
169 |
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$ |
285 |
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$ |
128 |
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RSAs – non-employee directors
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422 |
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319 |
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197 |
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RSUs – employees
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3,130 |
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2,351 |
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817 |
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RSUs – independent contractors (1)
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3,314 |
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4,159 |
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3,892 |
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$ |
7,035 |
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$ |
7,114 |
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$ |
5,034 |
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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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$ |
14.90 |
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Common stock price at end of period
|
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$ |
26.72 |
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$ |
29.14 |
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$ |
33.25 |
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(Decrease) increase in stock price
|
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$ |
(2.42 |
) |
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$ |
(4.11 |
) |
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$ |
18.35 |
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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 under ASC 505.
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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