XML 33 R21.htm IDEA: XBRL DOCUMENT

Share Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

14. Share Based Compensation

Omnibus Incentive Plan

At the 2019 Annual Shareholders Meeting of Thunder Bridge, the shareholders considered and approved the 2019 Omnibus Incentive Plan (the “Incentive Plan”) which resulted in the reservation of 7,326,728 shares of Class A common stock for issuance thereunder. The Incentive Plan became effective immediately upon the closing of the Business Combination.

Under this plan, the Company currently has three types of share-based compensation awards outstanding: performance stock units (“PSUs”), restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). Activities for the six months ended June 30, 2021 are as follows:

	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2020		2,523,431	$	15.71
Granted		748,428		22.83
Forfeited ⁽¹⁾⁽²⁾		129,235		15.33
Vested		281,679		14.74
Unvested at June 30, 2021		2,860,945	$	17.68

(1)	The forfeited shares include employee terminations during the six months ended June 30, 2021; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

(2)	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs was $29.9 million at June 30, 2021, which is expected to be recognized as expense over the weighted-average period of 2.74 years. Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs was $29.1 million at June 30, 2020, which is expected to be recognized as expense over the weighted-average period of 3.02 years. The Company incurred $5.5 million and $10.7 million of share-based compensation expense for the three and six months ended June 30, 2021, respectively. The Company incurred $5.5 million and $9.0 million of share-based compensation expense for the three and six months ended June 30, 2020, respectively.