Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation Plans (Tables)

v3.19.3.a.u2
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan
Activity under the 2013 Plan consisted of the following (dollars in thousands, except weighted average 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, 2017
(1)
    
30,732
      
500,859
      
450,264
      
981,855
     $
23.90
  
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
 
Granted
   
12,806
     
260,274
     
82,050
     
355,130
     
38.51
 
Vested
   
(22,422
 )    
(186,311
 )    
(191,883
 )    
(400,616
 )    
24.29
 
Transferred
   
—
      
(8,136
 )    
8,136
     
—
      
29.68
 
Forfeited/canceled
   
—
      
(12,494
 )    
(33,520
 )    
(46,014
 )    
30.65
 
                                         
Nonvested shares at December 31, 2019
(1)
    
17,480
     
525,115
     
257,480
     
800,075
    $
 33.91
 
                                         
Unrecognized stock-based compensation expense as of December 31, 2019
(2)
   $
234
    $
13,959
    $
7,821
    $
22,014
     
 
                                         
Weighted average remaining vesting period (years) as of December 31, 2019
   
0.39
     
3.61
     
3.34
     
3.48
     
 
                                         
 
 
 
 
 
 
 
 
 
 
 
(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 3.48 years.
 
 
 
 
 
 
 
 
 
 
Schedule of Future Share Settlements Future share settlements of DSUs by year consisted of the following:
 
December 31,
 
2019
 
2021
   
60,373
  
2022
   
281,193
  
         
   
341,566
  
         
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 and consisted of the following (in thousands):
 
Years Ended December 31,
 
 
2019
 
 
2018
 
 
2017
 
ESPP
  $
139
    $
109
    $
128
 
RSAs –
non-employee
directors
    
643
     
632
     
397
 
RSUs – employees
(1)
    
5,419
     
4,233
     
3,750
 
RSUs – independent contractors
(2)
    
3,077
     
7,009
     
4,870
 
                         
  $
9,278
    $
11,983
    $
9,145
 
                         
(1)
2019 includes expense related to the acceleration of vesting of certain RSUs.
(2)
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 No.
 2018-07
on July 1, 2018, 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. New awards after the date of adoption are measured based on the grant date closing price of the Company’s common stock consistent with awards made to the Company’s employees and
non-employee
directors.