STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS

2009 Stock Option Plan

Option grant activity for the period indicated is summarized as follows:



	2009 Stock Option Plan
	Options		Weighted Average Exercise Price
Outstanding at January 1, 2018	1,314,924		$	20.65
Granted	—		—
Exercised	(116,865	)	21.07
Forfeited	—		—
Expired	—		—
Outstanding at March 31, 2018	1,198,059		$	20.60
Exercisable at March 31, 2018	1,198,059		$	20.60
Vested at March 31, 2018	1,198,059		$	20.60
Vested and expected to vest at March 31, 2018	1,198,059		$	20.60

There is no unrecognized compensation cost related to the 2009 Stock Option Plan for share awards outstanding at March 31, 2018.

2013 Stock Incentive Plan

Option grant activity for the period indicated is summarized as follows:



	2013 Stock Incentive Plan Options
	Options		Weighted Average Exercise Price
Outstanding at January 1, 2018	1,424,953		$	20.79
Granted	—		—
Exercised	(224,894	)	20.55
Forfeited	—		—
Expired	—		—
Outstanding at March 31, 2018	1,200,059		$	20.83
Exercisable at March 31, 2018	1,196,725		$	20.81
Vested at March 31, 2018	1,196,725		$	20.81
Vested and expected to vest at March 31, 2018	1,200,059		$	20.83

The total unrecognized compensation cost of $5 thousand related to the 2013 Stock Incentive Plan for share awards outstanding at March 31, 2018 will be recognized over a weighted average remaining period of 2 months.

2016 Stock Incentive Plan

Option grant activity for the period indicated is summarized as follows:



	2016 Stock Incentive Plan Options
	Options		Weighted Average Exercise Price
Outstanding at January 1, 2018	762,500		$	36.64
Granted	—		—
Exercised	—		—
Forfeited	(5,000	)	36.11
Expired	—		—
Outstanding at March 31, 2018	757,500		$	36.64
Exercisable at March 31, 2018	—		$	—
Vested at March 31, 2018	—		$	—
Vested and expected to vest at March 31, 2018	757,500		$	36.64

The total unrecognized compensation cost of $4.5 million related to the 2016 Stock Incentive Plan for share awards outstanding at March 31, 2018 will be recognized over a weighted average remaining period of 3.42 years.

2016 Incentive Plan - Restricted Stock Unit Awards

On February 21, 2018, the Compensation Committee granted certain non-employee Directors of the Company a portion of their Directors' compensation for fiscal year 2018 in the form of restricted stock units (the "Directors' RSUs"). Each RSU constitutes the right to receive from the Company on the date the RSU is settled, one share of Class A Common Stock of the Company. A total of 19,015 Directors' RSUs were granted with a grant date fair value of $1.1 million. Twenty-five percent (25%) of the RSUs vested on March 31, 2018, and an additional twenty-five percent (25%) will vest on each of June 30, 2018, September 30, 2018 and December 31, 2018 provided the participant remains in a continuous service relationship with the Company through such applicable date. Compensation expense will be recognized on a straight-line basis over the requisite vesting period ending December 31, 2018.

On March 21, 2018, the Compensation Committee granted a target of 84,836 and a maximum of 106,043 restricted stock units (the "Executive RSUs") of Class A Common Stock to certain Executives. The total target grant date fair value of the RSU Award was $4.8 million, up to a maximum of $5.9 million, and will be recognized on a straight-line basis as compensation expense over the requisite vesting period ending December 31, 2020.

On two different dates during the period ended March 31, 2018, the Company granted 41,620 restricted shares to employees (the "Employee RSUs") that vest in-full (i.e. cliff vesting) on the 5-year anniversary of the grant date. The fair value of the Awards on the grant date was $2.3 million and will be recognized as compensation expense over the requisite vesting period ending on the respective 5-year anniversary of the Employee RSU Award's grant date.

The following tables present the activity during the three months ended March 31, 2018 related to restricted stock units from the 2016 Plan:



	2016 Stock Incentive Plan
	Restricted Stock Awards			Restricted Stock Unit Awards				Performance Restricted Stock Unit Awards
	Shares	Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
	(Dollars in thousands, except per share data)
Outstanding at January 1, 2018	96,133	$	42.23	88,015		$	50.34	73,144	$	47.85
Granted	—	—		60,635		56.11		84,836	56.10
Vested	—	—		(10,953	)	49.77		—	—
Outstanding at March 31, 2018	96,133	$	42.23	137,697		$	50.34	157,980	$	52.28

The actual number of Performance Restricted Stock Units issued at the vesting date could range from 0% to 125% of the initial grant, depending on actual performance achieved.

A summary of selected data related to stock-based compensation expense for the three months ended March 31, 2018 and 2017 are as follows:



	Restricted Stock Awards				Restricted Stock Unit Awards				Performance Restricted Stock Unit Awards
	March 31,				March 31,				March 31,
	2018		2017		2018		2017		2018		2017
	(Dollars in thousands)
Stock-based compensation expense	$	649	$	376	$	496	$	277	$	364	$	14
Unrecognized compensation expense related to stock-based compensation	$	2,464	$	6,409	$	6,957	$	851	$	6,928	$	3,486
Weighted-average life over which expense is expected to be recognized (years)	1.10		1.76		4.30		0.76		2.43		2.75

Executive Incentive Plan

During the year ended December 31, 2015, the Compensation Committee of the Board of Directors of the Company approved the adoption of the FCB Financial Holdings, Inc. Executive Incentive Plan (the “EIP”). The EIP provides for Annual Incentive Awards and Long-Term Incentive Awards, both of which are subject to achievement of specified performance goals.

Long-Term Incentive Awards

On March 21, 2018, the Compensation Committee granted a Long-Term Award of cash phantom units (“CPUs”) under the Long-Term Incentive component of the EIP which covers a three-year period ending December 31, 2020 (the “Performance Period”). Granted under the award is a target of 18,050 CPUs and a maximum of 22,562 CPUs to a certain Executive. Each CPU is the equivalent in value of a share of Class A Common Stock of the Company, par value $0.001 per share. The total target grant date fair value of the CPU Award was $1.0 million, up to a maximum of $1.3 million, and will be recognized on a straight-line basis as compensation expense over the requisite period ending December 31, 2020. The Company recognized $11 thousand of compensation expense during the three months ended March 31, 2018.