Note (13)—Stock-Based Compensation:

The Company grants restricted stock units under 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 September 30, 2018 and December 31, 2017, there were 29,172 and 67,470 units valued at $1,143 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 was $148 and $367 for the three and nine months ended September 30, 2018, respectively, and $280 and $762 for the three and nine months ended September 30, 2017, respectively. These cash-settled awards will be fully distributed in January 2019.

The following table summarizes information about vested and unvested restricted stock units, excluding cash-settled EBI units discussed above, outstanding at September 30, 2018 and 2017:

	Nine Months Ended September 30,
	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		117,459			40.20		103,714			33.91
Released and distributed (vested)		(205,565	)		21.93		(93,315	)		19.00
Forfeited/expired		(10,035	)		23.66		(3,133	)		19.00
Balance at end of period (unvested)		1,116,184		$	21.86		1,208,114			19.67

The total fair value of restricted stock units vested and released, excluding cash-settled EBI units discussed above, was $490 and $4,508 for the three and nine months ended September 30, 2018, respectively, and $427 and $1,773 for the three and nine months ended September 30, 2017, respectively.

The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units discussed above, was $1,508 and $5,327 for the three and nine months ended September 30, 2018, respectively, and $1,654 and $4,808 for the three and nine months ended September 30, 2017, respectively. The current period included a one-time expense of $249 related to the modification of vesting terms of certain grants during the nine months ended September 30, 2018.

As of September 30, 2018 and December 31, 2017, there were $12,768 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 2.33 years and 2.80 years, respectively. At September 30, 2018, there was $136 accrued in other liabilities related to dividends declared to be paid upon vesting and distribution of the underlying RSUs.

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 of common stock in any calendar year). There were 12,072 and 28,609 shares issued under the ESPP during the three and nine months ended September 30, 2018, respectively, and 18,658 shares issued during the three or nine months ended September 30, 2017. As of September 30, 2018 and December 31, 2017, there were 2,432,356 shares and 2,460,965 shares, respectively, available for issuance under the ESPP.