Compensation Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Payment Transactions

The Company issues restricted stock awards under the 2014 Equity and Cash Incentive Plan (the "2014 Plan"). Restricted stock awards represent common shares issued and outstanding upon grant subject to vesting restrictions. The following table represents a roll-forward of outstanding restricted stock and related activity during the six months ended June 30, 2020:


	Shares	Weighted-Average Grant Date Price per Share
Outstanding restricted stock as of December 31, 2019	227,844	$	175.49
Grants issued	16,865	107.35
Grants vested	(39,700)	153.17
Grants forfeited	(14,525)	185.34
Total outstanding restricted stock as of June 30, 2020	190,484	$	175.66

As of June 30, 2020, 223,034 common shares remained available for awards under the 2014 Plan.

Total deferred equity compensation related to unvested restricted stock was $17.1 million as of June 30, 2020. Compensation expense related to restricted stock is calculated based upon the fair market value of the common shares on grant date. The Company's policy is to adjust compensation expense for forfeitures as they occur. The recognition of compensation expense related to deferred compensation over the remaining vesting periods is as follows:


Six Months Remaining In
2020		2021		2022		2023		2024		Thereafter		Total
$	3,003,503	$	5,224,294	$	4,255,418	$	2,267,092	$	1,163,473	$	1,189,692	$	17,103,472

Stock Grant Transactions

The following table represents common shares issued as part of our incentive compensation program during the six months ended June 30, 2020 and 2019:


	Shares Issued	Grant Date Value
June 30, 2020	23,640	$	3,396,359
June 30, 2019	24,048	$	3,655,296

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”). 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. Participants are responsible for designating investment options for the assets they contribute, and the distribution paid to each participant reflects any gains or losses on the assets realized in connection with 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. Deferred compensation liability was $26.7 million and $30.3 million as of June 30, 2020 and December 31, 2019, respectively.