| 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, 2016
|
|
|
29,112 |
|
|
|
566,480 |
|
|
|
454,838 |
|
|
|
1,050,430 |
|
|
$ |
22.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 2017
|
|
|
—
|
|
|
|
139,013 |
|
|
|
7,272 |
|
|
|
146,285 |
|
|
|
|
|
|
May 2017
|
|
|
13,986 |
|
|
|
8,156 |
|
|
|
11,652 |
|
|
|
33,794 |
|
|
|
|
|
|
August 2017
|
|
|
3,552 |
|
|
|
7,889 |
|
|
|
51,308 |
|
|
|
62,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total granted
|
|
|
17,538 |
|
|
|
155,058 |
|
|
|
70,232 |
|
|
|
242,828 |
|
|
|
26.69 |
|
|
Vested
|
|
|
(15,918 |
) |
|
|
(138,030 |
) |
|
|
(134,063 |
) |
|
|
(288,011 |
) |
|
|
20.99 |
|
|
Transferred
|
|
|
— |
|
|
|
(33,961 |
) |
|
|
33,961 |
|
|
|
— |
|
|
|
25.23 |
|
|
Forfeited/canceled
|
|
|
— |
|
|
|
(23,600 |
) |
|
|
(2,865 |
) |
|
|
(26,465 |
) |
|
|
24.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at September 30,
2017 (1)
|
|
|
30,732 |
|
|
|
525,947 |
|
|
|
422,103 |
|
|
|
978,782 |
|
|
$ |
23.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized stock-based compensation expense as of
September 30, 2017 (2)
|
|
$ |
647 |
|
|
$ |
11,143 |
|
|
$ |
8,570 |
|
|
$ |
20,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining vesting period (years) as of
September 30, 2017
|
|
|
1.87 |
|
|
|
3.27 |
|
|
|
2.70 |
|
|
|
2.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 2.99 years. |
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended September 30, |
|
|
Nine Months
Ended September 30, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Employee stock purchase plan
|
|
$ |
31 |
|
|
$ |
54 |
|
|
$ |
106 |
|
|
$ |
162 |
|
|
RSAs – non-employee directors
|
|
|
105 |
|
|
|
121 |
|
|
|
284 |
|
|
|
319 |
|
|
RSUs – employees
|
|
|
975 |
|
|
|
734 |
|
|
|
2,841 |
|
|
|
2,210 |
|
|
RSUs – independent contractors (1)
|
|
|
1,081 |
|
|
|
924 |
|
|
|
2,942 |
|
|
|
2,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,192 |
|
|
$ |
1,833 |
|
|
$ |
6,173 |
|
|
$ |
4,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock price at beginning of period
|
|
$ |
26.36 |
|
|
$ |
25.41 |
|
|
$ |
26.72 |
|
|
$ |
29.14 |
|
|
Common stock price at end of period
|
|
$ |
26.99 |
|
|
$ |
26.15 |
|
|
$ |
26.99 |
|
|
$ |
26.15 |
|
|
Increase (decrease) in stock price
|
|
$ |
0.63 |
|
|
$ |
0.74 |
|
|
$ |
0.27 |
|
|
$ |
(2.99 |
) |
| (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. |
|