| 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, 2015
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35,364 |
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468,969 |
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521,780 |
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1,026,113 |
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$ |
21.17 |
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Granted
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February 2016
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—
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172,496 |
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8,856 |
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181,352 |
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March 2016
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—
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30,000 |
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—
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30,000 |
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May 2016
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14,742 |
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11,051 |
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8,188 |
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33,981 |
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Total Granted
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14,742 |
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213,547 |
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17,044 |
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245,333 |
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23.18 |
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Vested
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(10,998 |
) |
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(101,040 |
) |
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(117,866 |
) |
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(229,904 |
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19.13 |
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Transferred
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— |
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— |
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— |
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— |
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— |
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Forfeited/canceled
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— |
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(6,974 |
) |
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(4,135 |
) |
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(11,109 |
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21.50 |
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Nonvested shares at June 30,
2016 (1)
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39,108 |
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574,502 |
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416,823 |
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1,030,433 |
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$ |
22.11 |
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Unrecognized stock-based compensation expense as of June 30,
2016 (2)
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$ |
705 |
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$ |
11,897 |
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$ |
8,556 |
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$ |
21,158 |
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Weighted average remaining vesting period (years) as of June 30,
2016
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2.09 |
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3.81 |
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2.80 |
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3.35 |
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| (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 3.35 years. |
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| Stock-Based Compensation Expense |
Components of stock-based compensation included in selling, general
and administrative expense in the condensed consolidated statements
of net and comprehensive income consisted of the following (in
thousands, except common stock price):
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Three Months
Ended June 30,
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Six Months
Ended June 30,
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2016 |
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2015 |
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2016 |
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2015 |
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Employee stock purchase plan
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$ |
60 |
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$ |
66 |
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$ |
108 |
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$ |
128 |
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RSAs – non-employee directors
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109 |
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78 |
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198 |
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137 |
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RSUs – employees
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818 |
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552 |
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1,476 |
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1,079 |
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RSUs – independent contractors (1)
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788 |
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1,979 |
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1,318 |
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3,238 |
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$ |
1,775 |
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$ |
2,675 |
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$ |
3,100 |
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$ |
4,582 |
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Common stock price at beginning of period
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$ |
25.39 |
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$ |
37.48 |
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$ |
29.14 |
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$ |
33.25 |
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Common stock price at end of period
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$ |
25.41 |
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$ |
46.14 |
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$ |
25.41 |
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$ |
46.14 |
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Increase (decrease) in stock price
|
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$ |
0.02 |
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$ |
8.66 |
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$ |
(3.73 |
) |
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$ |
12.89 |
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| (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. Stock-based
compensation expense is therefore impacted by the changes in the
Company’s common stock price during each reporting
period. |
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