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Stock Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Changes to Issuances under 2017 Equity Plan | The table below summarizes changes to the issuances under the Company’s 2017 Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock:
2017 Equity Plan | Number of shares (1)
Available for issuance as of December 31, 2020 | 3,788,417 |
RSU, stock and option awards granted | (25,381) |
Available for issuance as of March 31, 2021 | 3,763,036 |
(1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock.
Summary of Changes to Issuances of RSUs under the 2017 Equity Plan | The following table presents changes to the issuances of RSUs and stock awards under the 2017 Equity Plan for the periods indicated:
| Number of shares issuable |  | Weighted average grant date fair value
Unvested units as of December 31, 2020 | 953,145 |  |  | $ | 6.52 |
Granted | 25,381 |  |  | 5.03 |
Vested | (379,514) |  |  | 6.32 |
Unvested units as of March 31, 2021 | 599,012 |  |  | $ | 6.59 |
The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:
| Three Months Ended March 31, |  |  | Three Months Ended March 31,
Granted | 2021 |  | 2020 |  |  |  | Vested | 2021 |  | 2020 |  |
Directors | 25,381 |  |  | 9,232 |  |  |  |  | Directors | 25,381 |  |  | 9,232 |  |  |
Employees (1) | — |  |  | 469,257 |  |  |  |  | Employees | 354,133 |  |  | 364,984 |  |  |
Total Granted | 25,381 |  |  | 478,489 |  |  |  |  | Total Vested | 379,514 |  |  | 374,216 |  |  |
|  |  |  |  |  |  | Taxes | (34,828) |  |  | (51,507) |  |  |
|  |  |  |  |  |  | Net Vested | 344,686 |  |  | 322,709 |  |  |
(1) Includes 256,619 shares that vest ratably over three years and 212,638 shares that cliff vest in February 2021 for the three months ended March 31, 2020. The following table presents the Company's stock option activity for the current period:
| Options outstanding |  | Weighted average exercise price (in dollars per stock option) |  | Weighted average grant date value (in dollars per stock option) |  | Options exercisable
Balance, December 31, 2020 | 1,715,619 |  |  | $ | 6.49 |  |  | $ | 2.29 |  |  | — |
Balance, March 31, 2021 | 1,715,619 |  |  | $ | 6.49 |  |  | $ | 2.29 |  |  | — |
Weighted average remaining contractual term at March 31, 2021 (in years) | 6.9 |  |  |  |  |  |
Summary of Changes to Issuances of Subsidiary RSU's under Subsidiary Incentive Plan | The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:
| Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2020 | $ | 4,305 |
Granted | 1,079 |
Vested | (1,358) |
Unvested balance as of March 31, 2021 | $ | 4,026 |
Schedule of Assumptions Used to Estimate the Fair Values of the Stock Options Granted | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following periods:
Valuation Input (1) |  |  |  |  | Three Months Ended March 31, 2020 |  |
|  |  |  |  |  |  |  |  | Assumption |  | Average |  |  |  |
Historical volatility |  |  |  |  |  |  |  |  | 27.60% |  | N/A |  |  |  |
Risk-free rate |  |  |  |  |  |  |  |  | 1.51% |  | N/A |  |  |  |
Dividend yield |  |  |  |  |  |  |  |  | 2.20% |  | N/A |  |  |  |
Expected term (years) |  |  |  |  |  |  |  |  |  |  | 7.0 |  |  |  |
(1) Not applicable for the three months ended March 31, 2021 as there were no new grants during the period.
Schedule of Stock-based Compensation Expense and Related Income Tax Benefit | Stock Based Compensation Expense The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Employee compensation and benefits | $ | 955 |  |  | $ | 1,543 |  |  |  |  |  |  |
Director compensation | 110 |  |  | 73 |  |  |  |  |  |  |
Income tax benefit | (224) |  |  | (349) |  |  |  |  |  |  |
Net stock based compensation expense | $ | 841 |  |  | $ | 1,267 |  |  |  |  |  |  |
Schedule of Additional Information on Total Non-vested Stock-based Compensation | Additional information on total non-vested stock based compensation is as follows:
| As of
| March 31, 2021
| Stock options |  | Restricted stock awards and RSUs
Unrecognized compensation cost related to non-vested awards | $ | 434 |  |  | $ | 4,721 |
Weighted - average recognition period (in years) | 2.07 |  | 1.73

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