| Outstanding Awards Under 2013 Omnibus Equity Incentive Plan |
Activity under the 2013 Plan consisted of the following (dollars in
thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RSA Grants
to
Non-employee
Directors |
|
|
RSU Grants to
Employees |
|
|
RSU Grants to
Independent
Contractors |
|
|
Total |
|
|
Weighted-
Average Grant Date
Fair Value Per
Share |
|
|
Nonvested shares at December 31, 2016(1)
|
|
|
29,112 |
|
|
|
566,480 |
|
|
|
454,838 |
|
|
|
1,050,430 |
|
|
$ |
22.38 |
|
|
Granted
|
|
|
17,538 |
|
|
|
164,586 |
|
|
|
82,426 |
|
|
|
264,550 |
|
|
|
26.86 |
|
|
Vested
|
|
|
(15,918 |
) |
|
|
(140,480 |
) |
|
|
(139,199 |
) |
|
|
(295,597 |
) |
|
|
21.21 |
|
|
Transferred
|
|
|
— |
|
|
|
(58,503 |
) |
|
|
58,503 |
|
|
|
— |
|
|
|
25.70 |
|
|
Forfeited/canceled
|
|
|
— |
|
|
|
(31,224 |
) |
|
|
(6,304 |
) |
|
|
(37,528 |
) |
|
|
23.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at December 31, 2017(1)
|
|
|
30,732 |
|
|
|
500,859 |
|
|
|
450,264 |
|
|
|
981,855 |
|
|
$ |
23.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 2018
|
|
|
—
|
|
|
|
106,419 |
|
|
|
20,293 |
|
|
|
126,712 |
|
|
|
|
|
|
March 2018
|
|
|
—
|
|
|
|
15,000 |
|
|
|
—
|
|
|
|
15,000 |
|
|
|
|
|
|
May 2018
|
|
|
12,852 |
|
|
|
4,854 |
|
|
|
14,280 |
|
|
|
31,986 |
|
|
|
|
|
|
August 2018
|
|
|
—
|
|
|
|
10,407 |
|
|
|
63,651 |
|
|
|
74,058 |
|
|
|
|
|
|
November 2018
|
|
|
—
|
|
|
|
6,080 |
|
|
|
4,242 |
|
|
|
10,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Granted
|
|
|
12,852 |
|
|
|
142,760 |
|
|
|
102,466 |
|
|
|
258,078 |
|
|
|
34.94 |
|
|
Vested
|
|
|
(16,488 |
) |
|
|
(146,122 |
) |
|
|
(171,114 |
) |
|
|
(333,724 |
) |
|
|
22.31 |
|
|
Transferred
|
|
|
— |
|
|
|
(23,755 |
) |
|
|
23,755 |
|
|
|
— |
|
|
|
30.69 |
|
|
Forfeited/canceled
|
|
|
— |
|
|
|
(1,960 |
) |
|
|
(12,674 |
) |
|
|
(14,634 |
) |
|
|
30.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at December 31, 2018(1)
|
|
|
27,096 |
|
|
|
471,782 |
|
|
|
392,697 |
|
|
|
891,575 |
|
|
$ |
27.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized stock-based compensation expense as of
December 31, 2018(2)
|
|
$ |
352 |
|
|
$ |
9,542 |
|
|
$ |
9,032 |
|
|
$ |
18,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining vesting period (years) as of
December 31, 2018
|
|
|
0.79 |
|
|
|
3.18 |
|
|
|
3.39 |
|
|
|
3.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Nonvested RSUs 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 3.23 years.
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
Employee stock purchase plan
|
|
$ |
109 |
|
|
$ |
128 |
|
|
$ |
169 |
|
|
RSAs – non-employee
directors
|
|
|
632 |
|
|
|
397 |
|
|
|
422 |
|
|
RSUs – employees
|
|
|
4,233 |
|
|
|
3,750 |
|
|
|
3,130 |
|
|
RSUs – independent contractors(1)
|
|
|
7,009 |
|
|
|
4,870 |
|
|
|
3,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,983 |
|
|
$ |
9,145 |
|
|
$ |
7,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Company grants RSUs to independent contractors
(i.e. investment sales and financing professionals), who are
considered non-employees.
Prior to the adoption of ASU 2018-7, such awards were required to
be measured at fair value at the end of each reporting period until
settlement. Stock-based compensation expense was therefore impacted
by the changes in the Company’s common stock price during
each reporting period prior to the adoption of July 1,
2018.
|
|