Long-Term Incentive Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total Expense Recorded for Stock Based Compensation

The following table presents the total stock based compensation expense recorded for stock based compensation arrangements for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Service condition stock based compensation expense	$	2,183	$	1,814
Performance condition stock based compensation expense		1,354		1,249
Stock based compensation expense under the Plan		3,537		3,063
Canada EB Plan stock based compensation expense		141		416
Total stock based compensation expense	$	3,678	$	3,479

Restricted Stock Subject Only to a Service Condition

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Status and Changes in Restricted Stock Grants that Subject to Service Condition

The following table details the status and changes in our restricted stock grants that are subject only to a service condition for the three months ended March 31, 2015:

				Weighted Average
				Grant Date Fair
Restricted shares subject only to a service condition:	Shares			Value
Non-vested, January 1, 2015		496,457		$	48.14
Granted		235,945			61.74
Vested		(174,008	)		40.85
Forfeited		(204	)		58.79
Non-vested, March 31, 2015		558,190		$	56.16

Restricted Shares Subject to Service and Performance Conditions

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Status and Changes in Restricted Stock Grants that Subject to Service Condition

Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over a five year period provided that annual performance goals established by the Compensation Committee of Westwood’s board of directors are met. Each year the Compensation Committee establishes a specific goal for that year’s vesting of the restricted shares, which historically has been based upon Westwood’s adjusted pre-tax income, as defined. The date that the Compensation Committee establishes the annual goal is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The vesting period ends when the Compensation Committee formally approves the performance-based restricted stock vesting based on the final calculation of adjusted pre-tax income as derived from the Company’s audited financial statements. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed. In February 2015, the Compensation Committee established the 2015 goal as adjusted pre-tax income of at least $46.0 million, representing a five-year compound annual growth rate in excess of 10% over annual adjusted pre-tax income recorded in 2010. Adjusted pre-tax income is determined based on our audited financial statements and is equal to income before income taxes increased by expenses incurred for the year for (i) incentive compensation for all officers and employees, (ii) performance-based restricted stock awards, and (iii) mutual fund share incentive awards, excluding start up, non-recurring and similar expense items, at the Committee’s discretion. In the first quarter of 2015, we concluded that it was probable that we would meet the performance goals required to vest the applicable performance based restricted shares this year and began recording expense related to those shares.

				Weighted Average
				Grant Date Fair
Restricted shares subject to service and performance conditions:	Shares			Value
Non-vested, January 1, 2015		101,313		$	58.59
Granted		101,313			61.29
Vested		(101,313	)		58.59
Forfeited		—			—
Non-vested, March 31, 2015		101,313		$	61.29