Note (13)—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. At March 31, 2018 and December 31, 2017, there were 29,172 and 67,470 units valued at $1,184 and $2,833, respectively, outstanding under the equity based incentive plans for employees who elected cash settlement of EBI units. Expense related to the cash settled EBI for the three months ended March 31, 2018 and 2017 was $117 and $298, respectively.

The following table summarizes information about vested and unvested restricted stock units, excluding cash-settled EBI units discussed above, outstanding at March 31, 2018 and 2017:

	March 31,
	2018					2017
	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 (unvested)		1,214,325		$	19.97		1,200,848			19.00
Grants		105,429			39.90		73,801			33.48
Released and distributed (vested)		(170,160	)		21.24		(70,687	)		19.00
Forfeited/expired		(5,556	)		19.00		(544	)		19.00
Balance at end of period (unvested)		1,144,038		$	21.11		1,203,418			19.15

The total fair value of restricted stock units vested and released, excluding cash-settled EBI units discussed above, was $3,614 and $1,343 for the three months ended March 31, 2018 and 2017, respectively.

The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units discussed above, was $1,811 and $1,352 for the three months ended March 31, 2018 and 2017, respectively. This included a one-time expense of $249 related to the modification of vesting terms of certain grants during the three months ended March 31, 2018.

As of March 31, 2018 and December 31, 2017, there were $15,696 and $12,950, respectively, of total unrecognized compensation cost related to nonvested restricted stock units, excluding cash-settled EBI units discussed above, which is expected to be recognized over a weighted-average period of 2.78 years and 2.80 years, respectively.

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 is 95%, 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 16,537 shares issued under the ESPP during the three months ended March 31, 2018. There were no such issuances during the three months ended March 31, 2017. As of March 31, 2018 and December 31, 2017, there were 2,444,428 shares and 2,460,965 shares, respectively, available for issuance under the ESPP.