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Compensation Plans (Notes)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Compensation Plans Compensation Plans
Equity Incentive Plan
The Company’s 2014 Equity and Cash Incentive Plan (the "Plan") is intended to facilitate the Company’s ability to attract and retain staff, provide additional incentive to employees and directors, and promote the success of the Company’s business. The Plan authorizes the issuance of 600,000 common shares of the Company in various forms of equity awards. The Plan also authorizes cash incentive awards. As of December 31, 2021, there were 179,001 common shares available for awards under the Plan. The Plan provides that the Board, or a committee appointed by the Board, may grant awards and otherwise administer the Plan.
Share-Based Payment Transactions
The Company issues restricted stock grants under the Plan. Restricted stock grants represent common shares issued and outstanding upon grant subject to vesting restrictions. The Company has historically awarded stock grants that cliff vest after five years to all new employees upon hire and as additional grants to key employees on a periodic basis. While the Company currently plans to continue to award five-year cliff vest grants to new employees, beginning in 2021, the Company also began making new long-term incentive stock awards to existing employees which vest ratably over three years.

Restricted stock grants issued under the Plan are valued based upon the fair market value of the common shares on the applicable grant date. The restricted stock grants are recorded as deferred compensation in the equity section of the balance sheet on the grant date and then recognized as compensation expense on a straight-line basis over the vesting period of the respective grant. The Company's policy is to adjust compensation expense for forfeitures as they occur.
The following table represents a roll-forward of outstanding restricted stock and related activity for the year ended December 31, 2021:
SharesWeighted-Average
Grant Date Price
per Share
Outstanding Restricted Stock as of December 31, 2020183,718 $173.80 
Grants issued69,879 158.92 
Grants vested(32,580)180.50 
Grants forfeited(19,847)171.44 
Outstanding Restricted Stock as of December 31, 2021201,170 $165.61 
The weighted-average grant date price per share of restricted stock issued during the years ended December 31, 2020 and 2019 was $115.32 and $146.59, respectively. The total fair value of restricted stock vested, as of their respective vesting dates, during the years ended December 31, 2021, 2020, and 2019 was $5.2 million, $5.2 million, and $3.3 million, respectively.
Total deferred equity compensation related to unvested restricted stock grants was $15.3 million as of December 31, 2021. The recognition of compensation expense related to deferred compensation over the remaining vesting periods is as follows:
20222023202420252026ThereafterTotal
$7,362,870 $5,473,055 $1,979,304 $371,883 $81,456 $137 $15,268,705 
Employee Stock Purchase Plan
The Company adopted the Diamond Hill Investment Group, Inc. Employee Stock Purchase Plan (the "ESPP") effective October 27, 2020. Under the ESPP, eligible employees may purchase shares of the Company's common stock at 85% of the fair market value on the last day of each offering period. Each offering period is approximately three months coinciding with the Company's fiscal quarters. During the year ended December 31, 2021, ESPP participants purchased 4,278 shares of common stock for $0.6 million and the Company recorded $0.1 million of share based payment expense related to these purchases.
As of December 31, 2021, 95,722 shares of our common stock were reserved for future issuance through the ESPP.
Stock Grant Transactions
The following table represents shares issued as part of the Company’s incentive compensation program during the years ended December 31, 2021, 2020, and 2019:
Shares IssuedGrant Date Value
December 31, 20213,681 $529,806 
December 31, 202023,640 $3,396,359 
December 31, 201924,048 $3,655,296 
401(k) Plan
The Company sponsors a 401(k) plan in which all employees are eligible to participate. Employees may contribute a portion of their compensation subject to certain limits based on federal tax laws. The Company matches employee contributions equal to 250.0% of the first 6.0% of an employee’s compensation contributed to the plan. Since January 1, 2021, the Company has settled the 401(k) plan matching contributions in cash or common shares of the Company based on the election of the employees. Prior to January 1, 2021, the Company made all matching contributions in Company stock. Employees become
fully vested in the matching contributions after six plan years of employment. The following table summarizes the Company’s expenses attributable to the 401(k) plan during the years ended December 31, 2021, 2020 and 2019:
Shares IssuedShare ContributionsCash ContributionsTotal Company Contributions
December 31, 2021506 $87,667 $2,779,641 $2,867,308 
December 31, 202020,976 $2,511,746 — $2,511,746 
December 31, 201917,651 $2,496,936 — $2,496,936 
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 (together, the “Deferred Comp Plans”). Under the Deferred Comp Plans, participants may elect to voluntarily defer, for a minimum of five years, certain incentive compensation that the Company then contributes into the Deferred Comp Plans. Participants are 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 in connection with the Deferred Comp Plans. Assets held in the Deferred Comp 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 $37.3 million and $33.2 million as of December 31, 2021 and 2020, respectively.