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Compensation Plans
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2016:
 
Shares
 
Weighted-Average
Grant Date Price
per Share
Outstanding Restricted Stock as of December 31, 2015
329,356

 
$
108.46

Grants issued
38,900

 
183.14

Grants vested
(122,386
)
 
83.71

Grants forfeited
(15,070
)
 
141.52

Total Outstanding Restricted Stock as of September 30, 2016
230,800

 
$
132.01


In conjunction with the sale of Beacon Hill, the Company modified the outstanding Beacon Hill employee share-based payment award agreements to partially vest based on their service performed before the date of the transaction. The one-time incremental expense recorded as a result of these modifications was approximately $0.2 million.
As of September 30, 2016, there were 405,853 Common Shares available for awards under the 2014 Plan.
Total deferred compensation related to unvested Restricted Stock grants was $19.6 million as of September 30, 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:
Three Months 
 Remaining In
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
$
1,675,702

 
$
6,216,255

 
$
4,417,599

 
$
3,681,145

 
$
2,103,404

 
$
1,517,703

 
$
19,611,808


Stock Grant Transactions
The following table represents stock issued as part of our incentive compensation program during the nine months ended September 30, 2016 and 2015:
 
Shares Issued
 
Grant Date Value
September 30, 2016
21,940

 
$
3,879,431

September 30, 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 $13.4 million and $10.2 million as of September 30, 2016 and December 31, 2015, respectively.