XML 39 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Equity
12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Equity
Note 11 — Equity
Dividends declared per common share were $1.80 for each of the years ended December 31, 2016, 2015 and 2014 and are paid on outstanding common shares. In addition, dividend equivalent amounts are paid on outstanding restricted stock units and amounted to $8.5 million, $6.5 million and $5.5 million for the years ended December 31, 2016, 2015 and 2014, respectively, and are included in dividends paid on the consolidated statements of cash flows. In the event a restricted stock unit holder’s employment is terminated, a portion of the dividend equivalent amount is required to be paid back (a "clawback") to the Company and is netted against the dividend equivalent amounts. See “Note 14 — Deferred Compensation - Restricted Stock Units”.
In connection with the acquisition of Cogent, the Company issued 779,454 shares of common stock on the acquisition date, April 1, 2015. In addition, the Company will issue 334,048 shares of common stock shortly after the second or fourth anniversary of the Acquisition, as the case may be, if the revenue target related to the Earnout is achieved. If the revenue target related to the Earnout is not achieved the common shares will not be issued. The fair value of the contingent issuance of common shares was valued on the date of the acquisition at $11.9 million and has been recorded as additional paid in capital in the consolidated statements of financial condition. A portion of the value will be transferred to common stock if the Earnout is achieved. See "Note 3 — Acquisition" and "Note 12 — Earnings per Share".     
During 2016, 852,218 restricted stock units vested and were issued as common stock of which the Company is deemed to have repurchased 319,573 shares at an average price of $25.10 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, during 2016 the Company repurchased in open market transactions 891,017 shares of its common stock at an average price of $22.63.
During 2015, 826,673 restricted stock units vested and were issued as common stock of which the Company is deemed to have repurchased 341,235 shares at an average price of $34.88 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units.
As part of the consideration for the acquisition of Greenhill Australia in 2010, the Company issued 439,951 shares of contingent convertible preferred stock ("Performance Stock"), which was convertible to the same number of shares of the Company’s common stock in 2015 if a revenue target was achieved. The revenue target was not achieved and the Performance Stock, which had a fair value of $14.4 million at the acquisition date, were canceled and the value was transferred to additional paid in capital.