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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Amended and Restated Stock Incentive Plan
The Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (the SIP) provides for the issuance of Restricted Stock Units (RSUs), stock options and other stock-based awards to eligible employees and directors. A total of 20.0 million shares of common stock may be granted under the SIP. The board of directors is authorized to increase the number of shares available for issuance under the SIP, subject to shareholder approval. At December 31, 2019, RSUs with respect to approximately 16.7 million shares of common stock had been issued under the SIP. Total compensation cost related to unvested RSUs not yet recognized was approximately $42,721,000 at December 31, 2019 and is expected to be recognized over approximately the next three years. In January 2020, the Company granted approximately 0.5 million RSUs under the SIP with a grant date fair value of approximately $33,909,000 which generally vest over a four-year period.
Restricted Stock Units
Vested Restricted Stock Unit Grants
The Company grants awards of vested RSUs to the non-management directors of the Company pursuant to the SIP. The directors are entitled to receive delivery of the underlying common stock on the third anniversary of the date of grant. Dividends declared during the period are paid to the directors in cash. In connection with the grant of these vested RSUs, the Company recorded non-cash stock-based compensation expense of approximately $614,000, $626,000 and $618,000 for the years ended December 31, 2019, 2018 and 2017, respectively.
Unvested Restricted Stock Unit Grants
From time to time, the Company grants awards of unvested RSUs to certain employees pursuant to the SIP. The fair value at the date of grant is expensed on a straight-line basis over the applicable service periods, which is generally four years. Dividends declared by the Company are paid in additional RSUs and are forfeitable until they are delivered. The dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The Company recorded stock-based compensation expense, net of forfeitures, of approximately $4,443,000, $4,216,000 and $3,957,000 for the years ended December 31, 2019, 2018 and 2017, respectively.
Incentive Bonus Plans for Employees of the Company
The Company has implemented a program for employees which, based upon compensation levels, automatically allocates a portion of their year-end bonuses in the form of unvested RSUs (Mandatory Program). Dividends declared by the Company are paid in additional RSUs and are forfeitable until they are delivered. The RSUs under the Mandatory Program will generally vest and be delivered ratably over four years and the dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The fair value at the date of grant of the RSUs under the Mandatory Program is expensed on a straight-line basis over the vesting period. The Company recorded stock-based
compensation under the Mandatory Program, net of forfeitures, of approximately $22,637,000, $19,710,000 and $17,670,000 for the years ended December 31, 2019, 2018 and 2017, respectively.
The following table sets forth activity relating to the Company’s RSUs under the SIP (share data in thousands):
 
Vested Restricted Stock Unit Grants
 
Unvested Restricted Stock Unit Grants
 
Incentive Bonus Plans Restricted Stock Unit Grants
(in thousands, except per share data)
Number 
of Shares
 
Weighted 
Average
Grant Date 
Fair Value
 
Number 
of Shares
 
Weighted 
Average
Grant Date 
Fair Value
 
Number 
of Shares
 
Weighted 
Average
Grant Date 
Fair Value
Balance at January 1, 2017
34

 
$
37.15

 
307

 
$
33.62

 
1,399

 
$
34.22

Granted
16

 
38.14

 
151

 
35.45

 
714

 
35.36

Delivered
(8
)
 
40.03

 
(140
)
 
34.41

 
(523
)
 
34.80

Forfeited
—

 
—

 
—

 
—

 
(40
)
 
33.87

Balance at December 31, 2017
42

 
36.98

 
318

 
34.14

 
1,550

 
34.60

Granted
15

 
38.29

 
134

 
39.02

 
757

 
39.42

Delivered
(12
)
 
34.95

 
(146
)
 
35.13

 
(539
)
 
34.94

Forfeited
—

 
—

 
—

 
—

 
(23
)
 
37.16

Balance at December 31, 2018
45

 
37.93

 
306

 
35.80

 
1,745

 
36.55

Granted
22

 
50.29

 
132

 
40.97

 
763

 
39.92

Delivered
(13
)
 
37.61

 
(131
)
 
35.46

 
(601
)
 
36.30

Forfeited
—

 
—

 
(5
)
 
38.15

 
(33
)
 
38.31

Balance at December 31, 2019
54

 
44.06

 
302

 
38.78

 
1,874

 
38.38

 
Employee Stock Purchase Plan
Pursuant to the Amended and Restated Employee Stock Purchase Plan (ESPP), the Company allows eligible employees, as defined in the ESPP, to purchase common stock at a 15% discount from fair market value up to a maximum of $25,000 in annual aggregate purchases by any one individual. The number of shares of common stock authorized for purchase by eligible employees is 600,000. As of December 31, 2019, the Company had issued approximately 431,000 shares of common stock under the ESPP. For all three years ended December 31, 2019, 2018 and 2017, approximately 18,000 were purchased by eligible employees through the ESPP. For the years ended December 31, 2019, 2018 and 2017, the Company recorded a non-cash stock-based compensation expense of approximately $131,000, $105,000 and $112,000, respectively, which represents the discount on the shares issued pursuant to this plan. The ESPP will terminate upon the earliest to occur of (1) termination of the ESPP by the board of directors or (2) issuance of all of the shares reserved for issuance under the ESPP. The board of directors is authorized to increase the number of shares available for issuance under the ESPP, subject to shareholder approval.