Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan (Notes)

v3.7.0.1
Equity Incentive Plan (Notes)
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Equity Incentive Plan
During the three months ended March 31, 2017 and 2016, the Company granted 1,274,572 and 1,677,998 shares of restricted common stock, respectively, to key employees of PRCM Advisers pursuant to the terms of the Plan and the associated award agreements. The estimated fair value of these awards was $8.74 and $7.33 per share on grant date, based on the closing market price of the Company’s common stock on the NYSE on such date. However, as the cost of these awards is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, Equity, or ASC 505, the fair value of these awards as of March 31, 2017 was $9.59 per share based on the closing market price of the Company’s common stock on the NYSE on such date. The shares underlying the grants vest in three equal annual installments commencing on the first anniversary of the grant date, as long as such grantee complies with the terms and conditions of his or her applicable restricted stock award agreement.
The following table summarizes the activity related to restricted common stock for the three months ended March 31, 2017 and 2016:
 
Three Months Ended March 31,
 
2017
 
2016
 
Shares
 
Weighted Average Grant Date Fair Market Value
 
Shares
 
Weighted Average Grant Date Fair Market Value
Outstanding at Beginning of Period
2,639,424

 
$
8.59

 
2,290,609

 
$
10.36

Granted
1,274,572

 
8.74

 
1,677,998

 
7.33

Vested
(942,176
)
 
(8.41
)
 
(414,744
)
 
(9.88
)
Forfeited
(25,149
)
 
(9.28
)
 
(16,683
)
 
(8.99
)
Outstanding at End of Period
2,946,671

 
$
8.71

 
3,537,180

 
$
8.99



For the three months ended March 31, 2017 and 2016, the Company recognized compensation costs related to restricted common stock of $4.0 million and $2.9 million, respectively.