Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 13 – Stock-Based Compensation

The Company granted shares of common stock and restricted stock units as a part of its initial public offering for the benefit of employees and executive officers. Restricted stock unit grants are subject to time-based vesting. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the service conditions set forth in the grant agreements.

The following table summarizes information about vested and unvested restricted stock units outstanding at September 30, 2016:

	Restricted Stock Units Outstanding		Weighted Average Grant Date Fair Value
Balance, beginning of period		—	$	—
Conversion of deferred compensation plan		157,895		19.00
Conversion of equity based incentive (EBI) plans		125,684		19.00
Grants		1,077,058		19.00
Released and distributed		44,590		19.00
Forfeited/expired		—		—
Balance vested and unvested, end of period		1,316,047	$	19.00

The total fair value of restricted stock units vested and released was $847 for the three months and nine months ended September 30, 2016.

The compensation cost related to restricted stock units (included in salaries and employee benefits) was $3,373 for the three and nine months ended September 30, 2016. Additionally, participants of the existing equity based incentive (EBI) plans were given the option to elect conversion of their outstanding EBI units to restricted stock units. Effective September 16, 2016, $5,388 of accrued compensation was reclassified to additional paid in capital related to these elections. Approximately 180,447 units remain in the equity based incentive plan for those employees who elected cash settlement of EBI units.

As of September 30, 2016, there was $17,092 of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 3.56 years.

Additionally, the board of directors approved a resolution to reserve 2.5 million shares under an employee stock purchase plan.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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