| 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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May 2017
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13,986 |
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8,156 |
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11,652 |
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33,794 |
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Total granted
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13,986 |
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147,169 |
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18,924 |
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180,079 |
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27.17 |
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Vested
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(15,918 |
) |
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(134,347 |
) |
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(116,204 |
) |
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(266,469 |
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20.00 |
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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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(19,414 |
) |
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— |
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(19,414 |
) |
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23.79 |
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Nonvested shares at June 30, 2017 (1)
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27,180 |
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535,586 |
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381,860 |
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944,626 |
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$ |
23.93 |
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Unrecognized stock-based compensation expense as of June 30,
2017 (2)
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$ |
663 |
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$ |
12,183 |
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$ |
7,927 |
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$ |
20,773 |
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Weighted average remaining vesting period (years) as of
June 30, 2017
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2.20 |
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3.46 |
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2.50 |
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3.05 |
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(1) |
Nonvested RSU’s 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 3.05 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 June 30, |
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Six Months
Ended June 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Employee stock purchase plan
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$ |
29 |
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$ |
60 |
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$ |
75 |
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$ |
108 |
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RSAs – non-employee directors
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90 |
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109 |
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179 |
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198 |
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RSUs – employees
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952 |
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818 |
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1,866 |
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1,476 |
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RSUs – independent contractors (1)
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1,044 |
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788 |
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1,861 |
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1,318 |
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$ |
2,115 |
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$ |
1,775 |
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$ |
3,981 |
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$ |
3,100 |
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Common stock price at beginning of period
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$ |
24.58 |
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$ |
25.39 |
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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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$ |
26.36 |
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$ |
25.41 |
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$ |
26.36 |
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$ |
25.41 |
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Increase (decrease) in stock price
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$ |
1.78 |
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$ |
0.02 |
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$ |
(0.36 |
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$ |
(3.73 |
) |
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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 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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