Note (14)—Stock-Based Compensation:

The Company granted shares of common stock and restricted stock units as a part of its initial public offering and compensation arrangements for the benefit of employees, executive officers, and directors. 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.

Following the initial public offering, participants in the EBI Plans were given the option to elect conversion of their outstanding cash-settled EBI Units to stock-settled EBI Units.

The following table summarizes information about vested and unvested restricted stock units outstanding at September 30, 2017 and 2016:

	For the nine months ended
	September 30,
	2017				2016
	Restricted Stock Units Outstanding		Weighted Average Grant Date Fair Value		Restricted Stock Units Outstanding		Weighted Average Grant Date Fair Value
Balance at beginning of period		1,200,848	$	19.00		—
Conversion of deferred compensation plan		—		19.00		157,895		19.00
Conversion of equity based incentive (EBI) plans		—		19.00		125,684		19.00
Grants		103,714		33.91		1,077,058		19.00
Released and distributed (vested)		93,315		19.00		44,590		19.00
Forfeited/expired		3,133		19.00		—
Balance at end of period		1,208,114	$	19.67		1,405,227		19.00

The total fair value of restricted stock units vested and released was $427 and $1,773 for the three and nine months ended September 30, 2017, respectively, and $847 and $847 for the three and nine months ended September 30, 2016, respectively.

The compensation cost related to stock grants and vesting of restricted stock units was $1,850 and $5,004 for the three and nine months ended September 30, 2017, respectively, and $3,373 and 3,373 for the three and nine months ended September 30, 2016, respectively. This included $210 and $487 paid to Company independent directors during the three and nine months ended September 30, 2017 related to one time IPO grants and director compensation elected to be settled in stock. There were no such director grants during the nine months ended September 30, 2016.

As of September 30, 2017 and December 31, 2016, there were $14,199 and $15,721, respectively, of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 2.94 years and 3.66 years, respectively.

At September 30, 2017 and December 31, 2016, there were 67,470 and 180,447 units valued at $2,545 and $4,683, respectively, remaining in the equity based incentive plans for employees who elected cash settlement of EBI units. Expense related to the cash settled EBI for the three and nine months ended September 30, 2017 was $280 and $762, respectively and $337 for the three and nine months ended September 30, 2016.

Employee Stock Purchase Plan:

In 2016, the Company adopted an employee stock purchase plan (“ESPP”) under which employees, through payroll deductions, are able to purchase shares of Company common stock. The purchase price was 85% with respect to the first offering period ended in 2016, and is 95% with respect to the subsequent offering periods, of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares, and a participant may not purchase more than 725 shares during any offering period (and, in any event, no more than $25,000 worth of common stock in any calendar year). There were 18,658 shares issued under the ESPP during the three and nine months ended September 30, 2017. There were no such issuances during the three and nine months ended September 30, 2016. As of September 30, 2017 and December 31, 2016, there were 2,460,965 shares and 2,479,623 shares, respectively, available for issuance under the ESPP.