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Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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, 2021
2,344,814 
RSU, stock and option awards granted(235,822)
Forfeited528 
Amendment to plan4,000,000 
Available for issuance as of September 30, 2022
6,109,520 
(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, 2021
599,012 $6.59 
Granted
235,822 12.93 
Vested(328,551)7.00 
Forfeited(528)6.26 
Unvested units as of September 30, 2022
505,755 $9.64 

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

For theFor the
Nine Months Ended
September 30, 		Nine Months Ended
September 30,
Granted20222021Vested20222021
Directors28,246 50,251 Directors28,246 50,251 
Employees (1)
207,576 — Employees300,305 354,133 
Total Granted235,822 50,251 Total Vested328,551 404,384 
Taxes(47,274)(34,828)
Net Vested281,277 369,556 
(1)    Includes 94,410 shares that vest ratably over three years and 113,166 shares that cliff vest in 2025 for the nine months ended September 30, 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, 2021
1,715,619 $6.49 $2.29 712,542 
Balance, September 30, 2022
1,707,476 $6.49 $2.29 1,050,767 
Weighted average remaining contractual term at September 30, 2022 (in years)
5.4
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 $19.80 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 issued in 2021 as of June 7, 2022, when they were converted to equity awards.

Valuation Input As of June 7, 2022
Assumption
Historical volatility38.70%
Risk-free rate2.95%
Dividend yield1.45%
Cost of equity11.47%
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 
Granted282 
Vested(935)
Performance assumption adjustment80 
Unvested balance as of September 30, 2022
$1,661 
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
September 30, 		Nine Months Ended
September 30,
2022202120222021
Employee compensation and benefits$1,573 $1,401 $7,559 $3,372 
Director compensation122 103 350 345 
Income tax benefit(355)(316)(1,660)(781)
Net stock based compensation expense$1,340 $1,188 $6,249 $2,936 
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 September 30, 2022
Stock optionsRestricted stock awards and RSUs
Performance Restricted Stock Units
Unrecognized compensation cost related to non-vested awards (1)
$146 $806 $8,386 
Weighted - average recognition period (in years)1.380.871.03
(1)    Includes $122 of unrecognized compensation cost related to stock options at The Fortegra Group that vest ratably over three years..