| 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, 2017
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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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Granted
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February 2018
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—
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106,419 |
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20,293 |
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126,712 |
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March 2018
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—
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15,000 |
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—
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15,000 |
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May 2018
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12,852 |
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4,854 |
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14,280 |
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31,986 |
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August 2018
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—
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10,407 |
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63,651 |
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74,058 |
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Total Granted
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12,852 |
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136,680 |
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98,224 |
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247,756 |
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34.92 |
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Vested
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(16,488 |
) |
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(142,433 |
) |
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(163,542 |
) |
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(322,463 |
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22.06 |
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Transferred
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— |
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(7,356 |
) |
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7,356 |
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— |
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26.52 |
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Forfeited/canceled
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— |
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(1,960 |
) |
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(5,744 |
) |
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(7,704 |
) |
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28.76 |
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Nonvested shares at September 30,
2018 (1)
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27,096 |
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485,790 |
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386,558 |
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899,444 |
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$ |
27.56 |
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Unrecognized stock-based compensation expense as of
September 30, 2018 (2)
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$ |
526 |
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$ |
10,884 |
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$ |
10,621 |
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$ |
22,031 |
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Weighted average remaining vesting period (years) as of
September 30, 2018
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0.95 |
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3.27 |
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3.27 |
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3.22 |
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| (1) |
Nonvested RSUs 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 3.22 years.
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| Stock-Based Compensation Expense |
Components of stock-based compensation are included in selling,
general and administrative expense in the condensed consolidated
statements of net and comprehensive income consisted of the
following (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Employee stock purchase plan
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$ |
37 |
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$ |
31 |
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$ |
100 |
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$ |
106 |
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RSAs – non-employee directors
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182 |
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105 |
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458 |
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284 |
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RSUs – employees
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1,112 |
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975 |
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3,161 |
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2,841 |
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RSUs – independent contractors (1)
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1,816 |
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1,081 |
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5,200 |
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2,942 |
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$ |
3,147 |
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$ |
2,192 |
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$ |
8,919 |
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$ |
6,173 |
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| (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.
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