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Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
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, 20212,344,814 
RSU, stock and option awards granted(211,246)
Forfeited528 
Available for issuance as of March 31, 2022
2,134,096 
(1)    Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock.
Summary of Changes RSUs and Option Activity
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 issuableWeighted average grant date fair value
Unvested units as of December 31, 2021599,012 $6.59 
Granted
211,246 13.01 
Vested(308,723)6.72 
Forfeited(528)6.26 
Unvested units as of March 31, 2022
501,007 $9.63 

The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:

For the Three Months Ended March 31,
For the Three Months Ended March 31,
Granted20222021Vested20222021
Directors8,418 25,381 Directors8,418 25,381 
Employees (1)
202,828 — Employees300,305 354,133 
Total Granted211,246 25,381 Total Vested308,723 379,514 
Taxes(47,274)(34,828)
Net Vested261,449 344,686 
(1)    Includes 94,410 shares that vest ratably over three years and 108,418 shares that cliff vest in February 2025 for the three months ended March 31, 2022.
The following table presents the Company's stock option activity for the current period:
Options outstandingWeighted average exercise price (in dollars per stock option)Weighted average grant date value (in dollars per stock option)Options exercisable
Balance, December 31, 20211,715,619 $6.49 $2.29 712,542 
Balance, March 31, 2022
1,715,619 $6.49 $2.29 712,542 
Weighted average remaining contractual term at March 31, 2022 (in years)
5.9
Schedule of Performance Restricted Stock Units, Share Price Target The below table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share price target is $19.88 as adjusted for cumulative dividends paid to date).
Original Tiptree Share Price TargetNumber of PRSUs that Vest
$20466,667
$30700,000
$45933,333
$601,166,667
Schedule of Assumptions Used to Estimate the Fair Values of the PRSUs Granted
The following table presents the assumptions used to remeasure the fair value of the PRSUs as of March 31, 2022, which were granted in 2021 and classified as liability awards.

Valuation Input
For the Three Months Ended
March 31, 2022
Assumption
Historical volatility38.29%
Risk-free rate2.40%
Dividend yield1.21%
Cost of equity10.64%
Expected term (years)6
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, 2021$2,234 
Granted160 
Vested(935)
Performance assumption adjustment80 
Unvested balance as of March 31, 2022
$1,539 
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 in 2020.
Valuation Input (1)
For the Year Ended
December 31, 2020
AssumptionAverage
Historical volatility27.60%N/A
Risk-free rate1.51%N/A
Dividend yield2.20%N/A
Expected term (years)7.0
(1) Not applicable for the three months ended March 31, 2022 as there were no new grants during the period.
Schedule of Stock-based Compensation Expense and Related Income Tax Benefit
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,
20222021
Employee compensation and benefits (1)
$6,041 $955 
Director compensation119 110 
Income tax benefit(1,294)(224)
Net stock based compensation expense$4,866 $841 
(1)    Includes $2,303 related to liability awards recorded in other liabilities as of March 31, 2022.
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, 2022
Stock optionsRestricted stock awards and RSUs
Performance Restricted Stock Units
Unrecognized compensation cost related to non-vested awards$64 $1,141 $14,859 
Weighted - average recognition period (in years)0.620.921.2