| 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, 2016
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29,112 |
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566,480 |
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454,838 |
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1,050,430 |
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$ |
22.38 |
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Granted
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February 2017
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— |
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139,013 |
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7,272 |
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146,285 |
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Total Granted
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— |
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139,013 |
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7,272 |
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146,285 |
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27.50 |
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Vested
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— |
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(129,594 |
) |
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(109,774 |
) |
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(239,368 |
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19.70 |
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Transferred
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— |
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(24,302 |
) |
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24,302 |
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— |
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26.63 |
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Forfeited/canceled
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— |
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(2,713 |
) |
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— |
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(2,713 |
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20.62 |
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Nonvested shares at March 31, 2017 (1)
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29,112 |
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548,884 |
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376,638 |
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954,634 |
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$ |
23.84 |
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Unrecognized stock-based compensation expense as of March 31,
2017 (2)
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$ |
393 |
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$ |
13,331 |
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$ |
8,006 |
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$ |
21,730 |
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Weighted average remaining vesting period (years) as of
March 31, 2017
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1.70 |
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3.66 |
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2.61 |
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3.24 |
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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 3.24 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, except common stock price):
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Three Months
Ended March 31, |
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2017 |
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2016 |
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Employee stock purchase plan
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$ |
46 |
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$ |
48 |
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RSAs – non-employee directors
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89 |
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89 |
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RSUs – employees
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914 |
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658 |
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RSUs – independent contractors (1)
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817 |
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530 |
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$ |
1,866 |
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$ |
1,325 |
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Common stock price at beginning of period
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$ |
26.72 |
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$ |
29.14 |
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Common stock price at end of period
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$ |
24.58 |
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$ |
25.39 |
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Decrease in stock price
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$ |
(2.14 |
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$ |
(3.75 |
) |
| (1) |
The Company grants RSUs to
independent contractors (i.e. investment sales and financing
professionals), who are considered non-employees under the accounting
standards. 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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