Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation Plans (Tables)

v3.6.0.2
Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2016
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 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, 2014 (1)

    42,882       516,437       647,690       1,207,009     $ 18.23  

Granted

    10,110       31,713       46,885       88,708       42.91  

Vested

    (17,628     (57,711     (138,119     (213,458     14.90  

Transferred

    —         (8,423     8,423       —         17.81  

Forfeited/canceled

    —         (13,047     (43,099     (56,146     16.29  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonvested shares at December 31, 2015 (1)

    35,364       468,969       521,780       1,026,113     $ 21.17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Granted

         

February 2016

    —         172,496       8,856       181,352    

March 2016

    —         30,000       —         30,000    

May 2016

    14,742       11,051       8,188       33,981    

August 2016

    —         12,781       49,608       62,389    

November 2016

    —         12,684       15,228       27,912    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Granted

    14,742       239,012       81,880       335,634       23.76  

Vested

    (20,994     (104,820     (132,309     (258,123     19.88  

Transferred

    —         2,062       (2,062     —         14.54  

Forfeited/canceled

    —         (38,743     (14,451     (53,194     20.07  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonvested shares at December 31, 2016 (1)

    29,112       566,480       454,838       1,050,430     $ 22.38  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Unrecognized stock-based compensation expense as of December 31, 2016 (2)

  $ 482     $ 10,299     $ 8,559     $ 19,340    
 

 

 

   

 

 

   

 

 

   

 

 

   

Weighted average remaining vesting period (years) as of December 31, 2016

    1.83       3.40       2.75       3.07    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

(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 3.07 years.
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):

 

     Year Ended December 31,  
     2016      2015      2014  

Employee stock purchase plan

   $ 169      $ 285      $ 128  

RSAs – non-employee directors

     422        319        197  

RSUs – employees

     3,130        2,351        817  

RSUs – independent contractors (1)

     3,314        4,159        3,892  
  

 

 

    

 

 

    

 

 

 
   $ 7,035      $ 7,114      $ 5,034  
  

 

 

    

 

 

    

 

 

 

Common stock price at beginning of period

   $ 29.14      $ 33.25      $ 14.90  

Common stock price at end of period

   $ 26.72      $ 29.14      $ 33.25  

(Decrease) increase in stock price

   $ (2.42    $ (4.11    $ 18.35  

 

(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.