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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2021
Stock-based Compensation |
Stock-based Compensation | Note 9: Stock-Based Compensation ​ Under the terms of the 2020 Equity Plan, the Company has granted RSU, DSU, and PSU awards. The Company grants RSUs to members of management periodically throughout the year. Each RSU is equivalent to one share of the Company’s common stock. These units have requisite service periods ranging from one to five years, subject to accelerated vesting upon eligible retirement from the Company. Recipients earn quarterly dividend equivalents on their respective units which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances. ​ The Company grants DSUs, which are restricted stock units with a deferred settlement date, to its directors and advisory directors. Each DSU is equivalent to one share of the Company’s common stock. DSUs vest over a one-year period following the grant date. These units generally are subject to the same terms as RSUs under the 2020 Equity Plan, except that, following vesting, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, these units will continue to earn dividend equivalents. ​ The Company also grants PSU awards to members of management periodically throughout the year. Each PSU is equivalent to one share of the Company’s common stock. The number of units that ultimately vest will be determined based on the achievement of the market or other performance goals, subject to accelerated service-based vesting conditions upon eligible retirement from the Company. ​ The Company has outstanding stock options assumed from acquisitions. ​ Upon vesting/delivery, shares are expected (though not required) to be issued from treasury. ​ ​ Stock Options ​ A summary of the status of, and changes in, the Company's stock option awards for the nine months ended September 30, 2021 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ |  |  | Weighted- | ​ | Average
​ | ​ | ​ | ​ | ​ | Average | ​ | Remaining
​ | ​ | ​ | ​ | ​ | Exercise | ​ | Contractual
​ |  | Shares |  | Price |  | Life
Outstanding at beginning of period | ​ |  | 39,085 |  | $ | 23.53 | ​ | ​ | 5.88
Expired | ​ |  | (7,479) | ​ |  | 23.53 | ​ | ​ | ​
Outstanding at end of period | ​ |  | 31,606 |  | $ | 23.53 |  | ​ | 5.13
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at end of period | ​ |  | 31,606 |  | $ | 23.53 |  | ​ | 5.13
​ The Company did not record any stock option compensation expense for the three or nine months ended September 30, 2021, or 2020. As of September 30, 2021, the Company did not have any unrecognized stock option expense. ​ Restricted Stock Unit, Performance-Based Restricted Stock Unit, and Deferred Stock Unit Awards ​ A summary of changes in the Company’s RSU, PSU, and DSU awards for the nine months ended September 30, 2021, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSU Awards | ​ | PSU Awards | ​ | DSU Awards
​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date
​ |  | Shares |  | Fair Value |  | Shares (1) |  | Fair Value |  | Shares |  | Fair Value
Nonvested at beginning of period |  | ​ | 1,017,038 |  | $ | 23.87 |  | ​ | 15,724 |  | $ | 16.25 |  | ​ | 34,263 |  | $ | 17.18
Granted |  | ​ | 260,231 | ​ |  | 24.26 |  | ​ | 99,159 | ​ |  | 23.91 |  | ​ | 35,664 | ​ |  | 24.59
Dividend equivalents earned |  | ​ | 33,388 | ​ |  | 23.07 |  | ​ | — | ​ |  | — |  | ​ | 3,716 | ​ |  | 23.15
Vested |  | ​ | (128,824) | ​ |  | 22.88 |  | ​ | — | ​ |  | — |  | ​ | (39,813) | ​ |  | 18.08
Forfeited |  | ​ | (29,883) | ​ |  | 24.88 |  | ​ | (968) | ​ |  | 23.48 |  | ​ | — | ​ |  | —
Nonvested at end of period |  | ​ | 1,151,950 |  | $ | 24.02 |  | ​ | 113,915 |  | $ | 22.86 |  | ​ | 33,830 |  | $ | 24.59
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and outstanding at end of period |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | 96,427 |  | $ | 21.99
| (1) | Shares for PSU awards represent target shares at grant date.
​ On March 24, 2021, under the terms of the 2020 Equity Plan, the Company granted 212,426 RSUs to members of management, including the Vice-Chairman of the Board. The grant date fair value of the award totaled $5.2 million and will be recognized as compensation expense over the requisite service period ranging from one year to five years. The terms of these awards included an accelerated vesting provision upon eligible retirement from the Company, after a one-year minimum requisite service period. Subsequent to the requisite service period, the awards will become 100% vested. Further, the Company granted 33,288 DSUs to directors and advisory directors. The grant date fair value of the award totaled $0.8 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested. ​ During the first quarter of 2021, the Company also granted a target of 70,815 market-based PSUs with a maximum award of 113,304 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining the market-based total shareholder return performance goal. The grant date fair value of the award was $1.7 million and will be recognized in compensation expense over the performance period ending December 31, 2023. ​ Further, during the first quarter of 2021, the Company granted a target of 28,344 PSUs with a maximum award of 39,682 units. The actual number of units issued at the vesting date could range from 0% to 140% of the initial grant, depending on attaining a performance goal based upon the compounded annual revenue growth rate of the Remittance Processing segment. The grant date fair value of the award is $0.7 million and will be recognized in compensation expense over the performance period ending August 31, 2023, subject to achievement of the performance goal. ​ On May 19, 2021, under the terms of the 2020 Equity Plan, the Company granted 2,376 DSUs to directors. The grant date fair value of the award totaled $0.1 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested. ​ On September 22, 2021, under the terms of the 2020 Equity Plan, the Company granted 47,805 RSUs to members of management. The grant date fair value of the award totaled $1.1 million and will be recognized as compensation expense over the requisite service period ranging from three year to five years. Subsequent to the requisite service period, the awards will become 100% vested. ​ Stock-based compensation expense related to nonvested RSU, PSU, and DSU awards is presented in the table below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSU awards | ​ | $ | 1,316 | ​ | $ | 2,029 | ​ | $ | 4,362 | ​ | $ | 3,952
PSU awards | ​ | ​ | 290 | ​ | ​ | 41 | ​ | ​ | 619 | ​ | ​ | 41
DSU awards | ​ | ​ | 231 | ​ | ​ | 135 | ​ | ​ | 741 | ​ | ​ | 420
Total stock-based compensation | ​ | $ | 1,837 | ​ | $ | 2,205 | ​ | $ | 5,722 | ​ | $ | 4,413
​ Unamortized stock-based compensation expense related to nonvested RSU, PSU, and DSU awards is presented in the table below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​
​ | ​ | September 30, | ​ | December 31, | ​
​ |  | 2021 |  | 2020 |
Unamortized stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSU awards | ​ | $ | 11,650 | ​ | $ | 10,411 | ​
PSU awards | ​ | ​ | 1,554 | ​ | ​ | 179 | ​
DSU awards | ​ | ​ | 430 | ​ | ​ | 294 | ​
Total unamortized stock-based compensation | ​ | $ | 13,634 | ​ | $ | 10,884 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average period over which expense is to be recognized | ​ | ​ | 3.0 | yrs | ​ | 3.0 | yrs
​ There were 1,038,975 shares remaining available for issuance pursuant to the 2020 Equity Incentive Plan as of September 30, 2021.

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