Long-Term Compensation Plan and Stock Based Compensation

9 Months Ended

Sep. 30, 2018

Long-Term Compensation Plan and Stock Based Compensation

Long-Term Compensation Plan and Stock Based Compensation

Note 9 – Long-Term Compensation Plan and Stock Based Compensation (sharecounts in thousands)

Under the OneSpan Inc. 2009 Equity Incentive Plan, formerly known as the “VASCO Data Security International, Inc. 2009 Equity Incentive Plan” (“2009 Equity Incentive Plan”), we awarded 324 shares of restricted stock in the first quarter of 2018 consisting of 161 unissued shares subject to future performance criteria and 163 issued time-based shares. The market value of the 163 issued restricted shares was $2.3 million at the date of grant, and is being amortized over the vesting period of one to four years. The market value of the 161 unissued shares subject to performance criteria was $2.3 million at the date of grant, and is being amortized over the vesting period of three years. No shares were issued during the second quarter of 2018.

During the third quarter of 2018, we awarded 69 shares of restricted stock consisting of 35 unissued shares subject to future performance criteria and 34 issued time-based shares. The market value of the 34 issued restricted shares was $0.6 million at the date of grant, and is being amortized over the vesting period of one to four years. The market value of the 35 unissued shares subject to performance criteria was $0.6 million at the date of grant, and is being amortized over the vesting period of three years.

The following table details long-term compensation plan and stock-based compensation expense for the three and nine months ended September 30, 2018 and 2017:


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
	(in thousands)				(in thousands)
Restricted stock	$	1,107	$	825	$	2,916	$	1,901
Long-term compensation plan		526		442		1,467		1,298
Total compensation	$	1,633	$	1,267	$	4,383	$	3,199