Share-Baed Compensation (Notes)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

The Company has an Omnibus Incentive Plan (the “Omnibus Plan”) to motivate and reward employees (“Colleagues”) and other individuals to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of its shareholders. The Omnibus Plan provides for the Company to make awards of 1,948,414 shares of Class A common stock at June 30, 2020. During the six months ended June 30, 2020, the Company granted restricted stock under the Omnibus Plan to its non-employee directors, executives and Colleagues, including those executives and Colleagues who onboarded in connection with our Partnerships. Shares of restricted stock issued to directors and executives during the six months ended June 30, 2020 generally vested immediately upon issuance while shares issued to Colleagues generally cliff vest after 3 to 5 years.

The following table summarizes the activity for non-vested awards granted by the Company under the Omnibus Plan:



	Shares		Weighted-Average Grant-Date Fair Value Per Share		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2019	330,244		$	14.00	3.66	$	677
Granted	238,691		11.22		1.88
Vested and settled	(152,206	)	11.08			—
Forfeited	(18,705	)	14.01
Outstanding at June 30, 2020	398,024		$	13.45	3.40	$	1,522

The Company recognizes share-based compensation expense for the Omnibus Plan net of actual forfeitures. The Company recorded share-based compensation expense of $600,000 and $1.2 million in connection with the Omnibus Plan and Management Incentive Units Plan for the three and six months ended June 30, 2020, respectively, which is included in commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).