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Share-Based Payments

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

NOTE 18 — SHARE-BASED PAYMENTS

(a) Amended and Restated 2009 Stock Incentive Plan

Share- based compensation expense for restricted stock units under the Company's Amended and Restated 2009 Stock Incentive Plan (the "Plan") was $11,626, $5,829 and $4,994 for the years ended December 31, 2019, 2018 and 2017, respectively. Of the 1,857,328 restricted stock units granted during the year ended December 31, 2019, 407,328 restricted stock units were granted to executives and employees with a grant date fair value of $7,870 and 1,450,000 performance based restricted stock units granted to certain executives and managers with a grant date fair value of $12,296.

The restricted stock units generally vest over a period of one to three years based on continued service. Performance based restricted stock units generally vest based on both the employee's continued service and the Company's common stock price, as defined in the grant, achieving a set threshold during the three-year period following the grant. In determining the fair value of restricted stock units on the grant date, the fair value is adjusted for (a) estimated forfeitures, (b) expected dividends based on historical patterns and the Company's anticipated dividend payments over the expected holding period and (c) the risk-free interest rate based on U.S. Treasuries for a maturity matching the expected holding period.

As of December 31, 2019, the expected remaining unrecognized share-based compensation expense of $19,169 will be expensed over a weighted average period of 1.5 years.

A summary of equity incentive award activity for the year ended December 31, 2019 was as follows:

				Weighted
				Average
	Shares			Fair Value
Nonvested at December 31, 2017		792,264		$	13.30
Granted		424,235			20.87
Vested		(310,625	)		13.17
Forfeited		(9,057	)		12.49
Nonvested at December 31, 2018		896,817		$	16.94
Granted		1,857,328			10.86
Vested		(480,388	)		15.02
Forfeited		(9,769	)		18.94
Nonvested at December 31, 2019		2,263,988		$	12.35

The total fair value of shares vested during the year ended December 31, 2019 was $7,215.

(b) Amended and Restated FBR & Co. 2006 Long-Term Stock Incentive Plan

In connection with the acquisition of FBR & Co. on June 1, 2017, the equity awards previously granted or available for issuance under the FBR & Co. 2006 Long-Term Stock Incentive Plan (the "FBR Stock Plan") may be issued under the Plan. During the year ended December 31, 2019, the Company granted restricted stock units representing 131,216 shares of common stock with a total grant date fair value of $2,515 under the FBR Stock Plan. The share-based compensation expense in connection with the FBR Stock Plan restricted stock awards was $3,969, $7,081 and $5,347 during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the expected remaining unrecognized share-based compensation expense of $4,983 will be expensed over a weighted average period of 1.7 years.

A summary of equity incentive award activity for the years ended December 31, 2019 and 2018 was as follows:

				Weighted
				Average
	Shares			Fair Value
Nonvested at December 31, 2017		1,066,133		$	16.15
Granted		254,213			20.58
Vested		(527,730	)		16.28
Forfeited		(103,186	)		16.44
Nonvested at December 31, 2018		689,430		$	17.64
Granted		131,216			19.17
Vested		(224,086	)		17.61
Forfeited		(111,527	)		16.50
Nonvested at December 31, 2019		485,033		$	18.33

The per-share weighted average grant-date fair value of restricted stock units granted during the years ended December 31, 2019 and 2018 was $19.17 and $20.58, respectively. The total fair value of shares vested during the years ended December 31, 2019 and 2018 was $3,947 and $8,590, respectively.

In connection with the Company's Purchase Plan, share based compensation was $322 and $132 for the years ended December 31, 2019 and 2018, respectively. At December 31, 2019, there were 591,674 shares reserved for issuance under the Purchase Plan.