Share-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-Based Compensation

Share-Based Compensation

11. Share-Based Compensation

Incentive Plan

The Company makes equity incentive grants pursuant to our 2017 Equity Incentive Plan (the “2017 Plan”) under which a maximum of 3,000 shares may be granted. As of March 31, 2021, 1,418 shares were available for grants under the 2017 Plan.

Restricted Stock

During the three months ended March 31, 2021, the Company granted 180 shares of common stock with a service vesting condition to certain of its executives, officers and employees. The restricted shares have voting rights and vest in five annual installments of 20%, with the first installment vesting in March of the calendar year following the date of grant (the “first vesting date”) and subsequent installments vesting on each of the four anniversaries of the first vesting date. Upon vesting, shares will be withheld in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the three months ended March 31, 2021, the Company withheld 56 shares of common stock in lieu of taxes at a cost of $5,994 on the restricted stock vesting dates. A summary of the activity related to restricted stock granted under the Company’s Incentive Plan since December 31, 2020 is as follows:

		Weighted Average
	Total	Grant Date
	Shares	Fair Value per Share
Outstanding as of December 31, 2020	419	$	83.43
Granted	180	$	85.97
Vested	(141)	$	74.41
Forfeited, canceled or expired	—	$	—
Outstanding as of March 31, 2021	458	$	87.20

Stock Options

During the three months ended March 31, 2021, no options were granted. A summary of the activity since December 31, 2020 related to stock options granted under the Company’s Incentive Plan is as follows:

	Summary of Stock Options Outstanding
		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Total	Price per		Contractual	Intrinsic
	Shares	Share		Term (Years)	Value ($)
Outstanding as of December 31, 2020	176	$	15.34
Granted	—	$	—
Exercised	(176)	$	15.34
Forfeited, canceled or expired	—	$	—
Outstanding as of March 31, 2021	—	$	—	—	$	—
Exercisable as of March 31, 2021	—	$	—	—	$	—

Share-based Compensation Expense

The table below outlines share-based compensation expense for the three months ended March 31, 2021 and 2020 related to restricted stock granted:

	2021		2020
Technology and academic services	$	606	$	518
Counseling services and support		1,488		1,330
Marketing and communication		30		25
General and administrative		895		783
Share-based compensation expense included in operating expenses		3,019		2,656
Tax effect of share-based compensation		(755)		(664)
Share-based compensation expense, net of tax	$	2,264	$	1,992