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Equity-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Changes in the share-based payments liability
The following table presents the changes in the share-based payments liability for the years ended December 31 (in millions):
 202120202019
Balance, beginning of period$25.0 $33.2 $35.4 
Amortization and revaluation of granted awards5.4 2.0 (0.4)
Affiliate disposals(0.8)— — 
Repurchases (cash-settled)(1.5)(10.2)(1.8)
Balance, end of period$28.1 $25.0 $33.2 
Summary of activity of share-based compensation
The following summarizes the grant date fair value of the instruments granted by the Company during the year ended December 31:
202120202019
BrightSphere Investment Group Inc. awardsShares grantedWeighted average fair valueShares grantedWeighted average fair valueShares grantedWeighted average fair value
RSAs— $— — $— 18,000 $10.09 
RSUs15,548 22.06 105,678 10.20 88,980 12.40 
Performance-based RSUs— — — — 9,013 14.62 
Stock options— — 2,820,000 0.65 2,070,000 2.48 
Grants of restricted stock in BrightSphere Investment Group Inc.
The following table summarizes the activity related to restricted stock awards:
202120202019
BrightSphere Investment Group Inc. RSAsNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per share
Outstanding at beginning of the year
14,010 $13.26 77,217 $14.43 325,976 $14.83 
Granted during the year— — — — 18,000 10.09 
Forfeited during the year(1,500)10.09 (6,447)14.19 (47,453)15.43 
Vested during the year(10,010)14.53 (56,760)14.75 (219,306)14.45 
Outstanding at end of the year
2,500 $10.09 14,010 $13.26 77,217 $14.43 
The following table summarizes the activity related to restricted stock units:
202120202019
BrightSphere Investment Group Inc. RSUsNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per share
Outstanding at beginning of the year
60,364 $10.53 62,899 $11.79 47,191 $14.46 
Granted during the year15,548 22.06 105,678 10.20 88,980 12.40 
Forfeited during the year(2,345)10.30 (30,927)10.83 (24,591)14.46 
Vested during the year(34,864)10.35 (77,286)10.99 (48,681)14.14 
Outstanding at end of the year
38,703 $15.33 60,364 $10.53 62,899 $11.79 
The following table summarizes the activity related to performance-based restricted stock awards:
202120202019
BrightSphere Investment Group Inc. Performance-based RSAsNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per share
Outstanding at beginning of the year
83,092 $9.78 258,678 $10.11 258,678 $10.11 
Vested during the year(36,007)9.78 — — — — 
Other movements(47,085)9.78 (175,586)10.26 — — 
Outstanding at end of the year
— $— 83,092 $9.78 258,678 $10.11 
The following table summarizes the activity related to performance-based restricted stock units:
202120202019
BrightSphere Investment Group Inc. Performance-based RSUsNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per share
Outstanding at beginning of the year
9,013 $14.62 9,013 $14.62 189,335 $10.92 
Granted during the year— — — — 9,013 14.62 
Vested during the year— — — — (193,125)10.98 
Other movements— — — — 3,790 14.15 
Outstanding at end of the year9,013 $14.62 9,013 $14.62 9,013 $14.62 
The following tables summarizes the activity related to the Company’s stock option awards:
2021
Stock OptionsWeighted average exercise priceWeighted average remaining contractual term (in years)Aggregate intrinsic value
Outstanding at beginning of the year7,375,000 $11.38 3.4
Granted during the year
— — 
Forfeited during the year
— — 
Exercised during the year
(4,405,037)11.57 
Outstanding at end of the year
2,969,963 $11.09 2.5$43,091,497 
Exercisable at end of the year
911,963 $11.56 2.3$12,802,697 
2020
Stock OptionsWeighted average exercise priceWeighted average remaining contractual term (in years)Aggregate intrinsic value
Outstanding at beginning of the year
8,970,000 $12.00 4.0
Granted during the year
2,820,000 10.37 4.8
Forfeited during the year
(4,396,000)12.00 
Exercised during the year
(19,000)12.00 
Outstanding at end of the year
7,375,000 $11.38 3.4$58,290,000 
Exercisable at end of the year
4,288,000 $11.73 3.2$32,366,640 
2019
Stock OptionsWeighted average exercise priceWeighted average remaining contractual term (in years)Aggregate intrinsic value
Outstanding at beginning of the year
6,900,000 $12.00 5.0
Granted during the year
2,070,000 12.00 5.0
Forfeited during the year
— — 
Exercised during the year
— — 
Outstanding at end of the year
8,970,000 $12.00 4.0$— 
Exercisable at end of the year
3,174,000 $12.00 4.0$— 
Schedule of Weighed Average Fair Value Valuation Inputs The fair value of the stock options grant was estimated on the grant date using a Monte-Carlo simulation valuation model. The weighted average fair value of stock options granted during the years ended December 31, 2020 and 2019 was $0.65 and $2.48 per option, respectively, based on the grant date assumptions stated below.
202120202019
Weighted-average grant date fair value per option$— $0.65 $2.48 
Assumptions:
Dividend yield (1)
 —%
3.9% to 7.4%
3.4 %
Expected volatility (2)
 —%
29.7% to 41.3%
28.4 %
Risk-free interest rate (3)
 —%
1.4% to 0.3%
2.6 %
Expected life of options (4)
0
4.7 years to 5.0 years
5.0 years
(1)Dividend yield assumption represents the Company’s expected dividend yield based on its historical dividend payouts and the stock price at the date of grant.
(2)Expected volatility is based upon historical BSIG stock price volatility.
(3)The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve at the time of grant.
(4)Expected life of options is based on the contractual term and the expected exercise behavior