Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our Class A common stock has been listed on The Nasdaq Global Market under the symbol “SAMG” since June 27, 2013. Our Class B common stock is not listed on The Nasdaq Global Market and there is no established trading market for such shares.
No purchases of our Class A common stock were made by us or on our behalf during the quarter ended December 31, 2020.
Holders
As of March 2, 2021, there were four holders of record of our Class A common stock and 58 holders of record of our Class B common stock. A substantially greater number of holders of our Class A common stock are held in “street name” and held of record by banks, brokers and other financial institutions.
Equity Compensation Plan Information
(c)
Number of
(a)
securities remaining
Number of
available for future
securities to be
(b)
issuance
issued
Weighted-average
under equity
upon exercise of
exercise price of
compensation plans
outstanding
outstanding
(excluding
options, warrants
options, warrants
securities reflected
Plan Category
and rights
and rights
in column (a))
Equity compensation plans approved by security holders
336,053
$
12.44
345,428
Equity compensation plans not approved by security holders
—
—
—
Total
336,053
$
12.44
345,428
A total of 1,670,960 shares of Class A common stock were registered, 966,510 restricted stock units were granted in August 2015, 14,373 restricted stock units were granted in May 2016, 105,398 non-qualified stock options were granted in October 2018, 60,742 non-qualified stock options were granted in May 2019, 34,388 restricted stock units were granted in May 2019, 8,242 restricted stock units were granted in March 2020, 86,764 non-qualified stock options were granted in May 2020, 49,116 restricted stock units were granted in May 2020 and 345,428 remain reserved for issuance under the 2012 Equity Incentive Plan as of December 31, 2020.
Performance Graph
As a “smaller reporting company” as defined in Item 10 of Regulation S-K, the Company is not required to provide this information.
35
Item 6. Selected Financial Data.
The following tables set forth selected historical consolidated financial and other data of Silvercrest as of and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016.
The following selected historical consolidated financial data has been derived from the Company’s audited consolidated financial statements. You should read the following selected historical consolidated financial data together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere in this report.
Years Ended December 31,
2020
2019
2018
2017
2016
(In thousands, except share and per share data)
Statements of operations data:
Revenue:
Management and advisory fees
$
103,775
$
97,970
$
94,675
$
86,542
$
76,185
Performance fees and allocations
—
25
25
834
322
Family office services
4,208
4,157
3,973
3,982
3,755
Total revenue
107,983
102,152
98,673
91,358
80,262
Expenses:
Compensation and benefits
62,379
60,038
57,938
54,143
49,009
General and administrative
23,323
23,241
19,583
16,846
16,617
Total expenses
85,702
83,279
77,521
70,989
65,626
Income before other income (expense), net
22,281
18,873
21,152
20,369
14,636
Other income (expense), net:
Other income (expense)
243
255
(15
)
5,346
(105
)
Interest income
13
169
274
47
61
Interest expense
(563
)
(481
)
(62
)
(112
)
(228
)
Equity income (loss) from investments
898
1,774
1,477
615
304
Total other income (expense), net
591
1,717
1,674
5,896
32
Income before (provision) benefit for income taxes
22,872
20,590
22,826
26,265
14,668
Provision for income taxes
(5,394
)
(5,178
)
(5,458
)
(13,734
)
(4,686
)
Net income
17,478
15,412
17,368
12,531
9,982
Less: net income attributable to non-controlling interests
(7,518
)
(6,766
)
(7,738
)
(7,194
)
(4,967
)
Net income attributable to Silvercrest
$
9,960
$
8,646
$
9,630
$
5,337
$
5,015
Net income per share/unit:
Basic
$
1.05
$
0.98
$
1.16
$
0.66
$
0.62
Diluted
$
1.05
$
0.98
$
1.16
$
0.66
$
0.62
Weighted average shares/units outstanding:
Basic
9,503,197
8,797,118
8,298,354
8,110,128
8,031,161
Diluted
9,510,720
8,799,643
8,302,768
8,117,407
8,038,177
Dividends paid per share
$
0.64
$
0.60
$
0.56
$
0.48
$
0.48
Selected statements of financial position data:
Total assets
$
213,804
$
214,249
$
133,363
$
117,360
$
112,281
Notes payable
—
—
—
740
2,486
Borrowings under credit facility
12,600
16,200
—
—
—
Total liabilities
110,405
116,442
50,964
45,241
46,197
Total Silvercrest Asset Management Group Inc.’s equity
70,679
65,036
56,047
49,095
47,305
Non-controlling interests
32,720
32,771
26,352
23,024
18,779
Selected other data:
Assets under management (in billions) (1)
$
27.8
$
25.1
$
19.0
$
21.3
$
18.6
(1)
As of the last day of the year.
36
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.