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 September 30, 2019 and 2018:



	Nine Months Ended September 30,
	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	167,343		34.05		117,459		40.20
Released and distributed (vested)	(270,959	)	24.00		(205,565	)	21.93
Forfeited/expired	(11,727	)	24.56		(10,035	)	23.66
Balance at end of period	1,024,872		$	23.67	1,116,184		$	21.86

The total fair value of restricted stock units vested and released, excluding cash-settled EBI units, was $1,488 and $6,503 for the three and nine months ended September 30, 2019, respectively, and $490 and $4,508 for the three and nine months ended September 30, 2018, respectively.

The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units, was $1,836 and $5,621 for the three and nine months ended September 30, 2019, respectively, and $1,508 and $5,327 for the three and nine months ended September 30, 2018, respectively. This included $186 and $537 paid to Company independent directors during the three and nine months ended September 30, 2019, respectively, and $212 and $557 for the three and nine months ended September 30, 2018, respectively, related to independent director grants and compensation elected to be settled in stock. The nine months ended September 30, 2019 also includes a one-time expense of $249 related to the modification of vesting terms of certain grants.

As of September 30, 2019 and 2018, there were $12,759 and $12,768, 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 1.87 years and 2.33 years, respectively. At September 30, 2019 and December 31, 2018, there were $394 and $226, respectively, 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 September 30, 2019 and 2018, there were 12,558 and 12,072 shares of of common stock issues under the ESPP, respectively. During the nine months ended September 30, 2019 and 2018, there were 23,171 shares and 28,609 shares of common stock issued under the ESPP, respectively. As of September 30, 2019 and 2018, there were 2,409,185 and 2,432,356 shares available for issuance under the ESPP, respectively.