Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation Plans (Tables)

v3.19.2
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 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 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, 2018
   
27,096
     
471,782
     
392,697
     
891,575
    $
27.59
 
                                         
Granted
   
     
     
     
     
 
February 2019
    
—  
      
204,060
     
7,731
     
211,791
     
 
May 2019
    
10,542
     
32,926
     
7,026
     
50,494
     
 
                                         
Total Granted
   
10,542
     
236,986
     
14,757
     
262,285
     
40.07
 
Vested
    
(22,422
 )    
(177,154
 )    
(148,065
 )    
(347,641
 )    
23.00
 
Transferred
   
—  
      
(8,136
 )    
8,136
     
—  
      
29.68
 
Forfeited/canceled
   
—  
      
(3,277
 )    
(20,274
 )    
(23,551
 )    
31.36
 
                                         
Nonvested shares at June 30,
2019 
(1)
    
15,216
     
520,201
     
247,251
     
782,668
    $
33.70
 
Unrecognized stock-based compensation expense as of June 30,
2019 
(2)
   $
477
    $
15,847
    $
7,575
    $
23,899
     
 
Weighted average remaining vesting period (years) as of June 30, 2019
   
0.84
     
3.86
     
3.17
     
3.58
     
 
(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 3.58 years.
Schedule of Future Share Settlements
Future share settlements of fully vested DSUs by year consisted of the following:
         
 
June 30,
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 condensed consolidated statements of net and comprehensive income consisted of the following (in thousands):
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Employee stock purchase plan
  $
38
    $
24
    $
68
    $
63
 
RSAs –
non-employee
directors
    
154
     
165
     
324
     
276
 
RSUs – employees
(1)
    
1,622
     
1,096
     
2,967
     
2,049
 
RSUs – independent contractors
(
2
)
    
771
     
1,874
     
1,567
     
3,384
 
                                 
  $
2,585
    $
3,159
    $
4,926
    $
5,772
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 date of 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.