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Compensation Plans
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Compensation Plans
Compensation Plans
Share-Based Payment Transactions
The Company issues restricted stock units and restricted stock awards (collectively, "Restricted Stock") under the 2014 Equity and Cash Incentive Plan ("2014 Plan"). Restricted stock units represent shares that may be issued in the future, whereas restricted stock awards represent shares issued and outstanding upon grant with vesting restrictions. The following table represents a roll-forward of outstanding Restricted Stock and related activity during the three months ended March 31, 2016:
 
Shares
 
Weighted-Average
Grant Date Price
per Share
Outstanding Restricted Stock as of December 31, 2015
329,356

 
$
108.46

Grants issued
22,800

 
179.78

Grants vested
(108,333
)
 
81.59

Grants forfeited
—

 
—

Total Outstanding Restricted Stock as of March 31, 2016
243,823

 
$
127.06



As of March 31, 2016, there were 412,068 Common Shares available for awards under the 2014 Plan.
Total deferred compensation related to unvested Restricted Stock grants was $21.8 million as of March 31, 2016. Compensation expense related to the Restricted Stock grants is calculated based upon the fair market value of the Common Shares on grant date, adjusted for estimated forfeitures. The recognition of compensation expense related to deferred compensation over the remaining vesting periods, adjusted for estimated forfeitures, is as follows:
Nine Months   Remaining In
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
$
5,102,629

 
$
6,159,198

 
$
4,291,586

 
$
3,386,868

 
$
1,656,737

 
$
1,198,365

 
$
21,795,383


Stock Grant Transactions
The following table represents stock issued as part of our incentive compensation program during the three months ended March 31, 2016 and 2015:
 
Shares Issued
 
Grant Date Value
March 31, 2016
21,940

 
$
3,879,431

March 31, 2015
27,192

 
3,826,458


Deferred Compensation Plans
The Company offers two deferred compensation plans, the Diamond Hill Fixed Term Deferred Compensation Plan and the Diamond Hill Variable Term Deferred Compensation Plan (collectively the “Plans”), to its employees. Under the Plans, participants may elect to voluntarily defer, for a minimum of five years, certain incentive compensation, that the Company then contributes into the Plans. Each participant is responsible for designating investment options for assets they contribute, and the distribution paid to each participant reflects any gains or losses on the assets realized while in the Plans. Assets held in the Plans are included in the Company’s investment portfolio and the associated obligation to participants is included in deferred compensation liability. Assets held in the Plans are recorded at fair value. Deferred compensation liability was $12.5 million and $10.2 million as of March 31, 2016 and December 31, 2015, respectively.