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Share-Based Compensation

6 Months Ended

Jun. 30, 2021

11. Share-Based Compensation

Incentive Plan

The Company makes equity incentive grants pursuant to our 2017 Equity Incentive Plan (the “2017 Plan”) under which a maximum of 3,000 shares may be granted. As of June 30, 2021, 1,414 shares were available for grants under the 2017 Plan.

Restricted Stock

During the six months ended June 30, 2021, the Company granted 180 shares of common stock with a service vesting condition to certain of its executives, officers and employees. The restricted shares have voting rights and vest in five annual installments of 20%, with the first installment vesting in March of the calendar year following the date of grant (the “first vesting date”) and subsequent installments vesting on each of the four anniversaries of the first vesting date. Upon vesting, shares will be withheld in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the six months ended June 30, 2021, the Company withheld 56 shares of common stock in lieu of taxes at a cost of $5,994 on the restricted stock vesting dates. In June 2021, following the annual stockholders meeting, the Company granted 4 shares of common stock to the non-employee members of the Company’s Board of Directors. Included in this amount is an initial award of shares that was granted to a newly appointed non-employee director pursuant to the Company’s compensation program. The newly appointed non-employee director also received an annual grant of restricted shares. The restricted shares granted to these directors under the annual restricted shares grant have voting rights and vest on the earlier of (a) the one year anniversary of the date of grant or (b) immediately prior to the following year’s annual stockholders’ meeting. The initial award of shares that were granted to the newly appointed non-employee director have voting rights and vest on the one year anniversary of the date of grant. A summary of the activity related to restricted stock granted under the Company’s Incentive Plan since December 31, 2020 is as follows:


		Weighted Average
	Total	Grant Date
	Shares	Fair Value per Share
Outstanding as of December 31, 2020	419	$	83.43
Granted	184	$	86.05
Vested	(144)	$	74.90
Forfeited, canceled or expired	(8)	$	87.24
Outstanding as of June 30, 2021	451	$	86.27

Stock Options

During the six months ended June 30, 2021, no options were granted. A summary of the activity since December 31, 2020 related to stock options granted under the Company’s Incentive Plan is as follows:


	Summary of Stock Options Outstanding
		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Total	Price per		Contractual	Intrinsic
	Shares	Share		Term (Years)	Value ($)
Outstanding as of December 31, 2020	176	$	15.34
Granted	—	$	—
Exercised	(176)	$	15.34
Forfeited, canceled or expired	—	$	—
Outstanding as of June 30, 2021	—	$	—	—	$	—
Exercisable as of June 30, 2021	—	$	—	—	$	—

Share-based Compensation Expense

The table below outlines share-based compensation expense for the six months ended June 30, 2021 and 2020 related to restricted stock granted:


	2021		2020
Technology and academic services	$	1,158	$	1,026
Counseling services and support		2,971		2,694
Marketing and communication		51		50
General and administrative		1,779		1,564
Share-based compensation expense included in operating expenses		5,959		5,334
Tax effect of share-based compensation		(1,490)		(1,334)
Share-based compensation expense, net of tax	$	4,469	$	4,000