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.

The following table summarizes information about vested and unvested restricted stock units, excluding cash-settled EBI units discussed above, outstanding at March 31, 2019 and 2018:



	March 31,
	2019				2018
	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	1,140,215		$	21.96	1,214,325		$	19.97
Grants	142,008		34.01		105,429		39.90
Released and distributed (vested)	(181,958	)	24.91		(170,160	)	21.24
Forfeited/expired	(4,343	)	27.67		(5,556	)	19.00
Balance at end of period	1,095,922		$	23.30	1,144,038		$	21.11

The total fair value of restricted stock units vested and released, excluding cash-settled EBI units, was $4,533 and $3,614 for the three months ended March 31, 2019 and 2018, respectively.

The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units, was $1,638 and $1,958 for the three months ended March 31, 2019 and 2018, respectively. This included $172 and $177 paid to Company independent directors during the three months ended March 31, 2019 and 2018, respectively, related to independent director grants and compensation elected to be settled in stock. The previous period also includes a one-time expense of $249 related to the modification of vesting terms of certain grants.

As of March 31, 2019 and 2018, there were $12,004 and $15,696, respectively, of total unrecognized compensation cost related to nonvested stock-settled EBI Units and restricted stock units (excluding cash-settled EBI units discussed above) which is expected to be recognized over a weighted-average period of 2.34 years and 2.78 years, respectively. At March 31, 2019, there was $293 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 worth of common stock in any calendar year). During the three months ended March 31, 2019 and 2018, there were 10,613 shares and 16,537 shares of common stock issued under the ESPP, respectively. As of March 31, 2019 and 2018, there were 2,421,743 and 2,444,428 shares available for issuance under the ESPP, respectively.