| 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 (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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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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Granted
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February 2017
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— |
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139,013 |
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7,272 |
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146,285 |
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May 2017
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13,986 |
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8,156 |
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11,652 |
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33,794 |
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August 2017
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3,552 |
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7,889 |
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51,308 |
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62,749 |
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November 2017
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— |
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9,528 |
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12,194 |
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21,722 |
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Total Granted
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17,538 |
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164,586 |
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82,426 |
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264,550 |
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26.86 |
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Vested
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(15,918 |
) |
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(140,480 |
) |
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(139,199 |
) |
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(295,597 |
) |
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21.21 |
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Transferred
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— |
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(58,503 |
) |
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58,503 |
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— |
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25.70 |
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Forfeited/canceled
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— |
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(31,224 |
) |
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(6,304 |
) |
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(37,528 |
) |
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23.30 |
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Nonvested shares at December 31,
2017 (1)
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30,732 |
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500,859 |
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450,264 |
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981,855 |
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$ |
23.90 |
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Unrecognized stock-based compensation expense as of
December 31, 2017 (2)
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$ |
534 |
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$ |
9,753 |
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$ |
10,030 |
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$ |
20,317 |
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Weighted average remaining vesting period (years) as of
December 31, 2017
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1.71 |
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3.13 |
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2.65 |
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2.86 |
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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 2.86 years. |
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| Stock-Based Compensation Expense |
Components of stock-based compensation are 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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Years Ended
December 31, |
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2017 |
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2016 |
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2015 |
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Employee stock purchase plan
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$ |
128 |
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$ |
169 |
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$ |
285 |
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RSAs – non-employee directors
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397 |
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422 |
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319 |
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RSUs – employees
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3,750 |
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3,130 |
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2,351 |
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RSUs – independent contractors (1)
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4,870 |
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3,314 |
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4,159 |
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$ |
9,145 |
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$ |
7,035 |
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$ |
7,114 |
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Common stock price at beginning of period
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$ |
26.72 |
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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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$ |
32.61 |
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$ |
26.72 |
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$ |
29.14 |
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Increase (decrease) in stock price
|
|
$ |
5.89 |
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$ |
(2.42 |
) |
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$ |
(4.11 |
) |
| (1) |
The Company grants RSUs to
independent contractors (i.e. investment sales and financing
professionals), who are considered non-employees under
the accounting standards. 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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