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 in Note 22, outstanding at December 31, 2019:



	For the Year Ended
	2019
	Restricted Stock Units Outstanding		Weighted Average Grant Date Fair Value
Balance at beginning of period	1,140,215		$	21.96
Grants	168,697		34.08
Released and distributed (vested)	(440,033	)	22.55
Forfeited/expired	(42,616	)	27.15
Balance at end of period	826,263		$	23.76

The total fair value of restricted stock units vested and released, excluding cash-settled EBI units, was $9,923, $4,562, and $2,202 for the years ended December 31, 2019, 2018, and 2017, respectively.

The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units, was $7,089, $7,436, and $8,184 for the years ended December 31, 2019, 2018, and 2017, respectively. This included $724, $645 and $551 paid to Company independent directors during the years ended December 31, 2019, 2018 and 2017, respectively, related to independent director grants and compensation elected to be settled in stock. The year ended December 31, 2018 also includes a one-time expense of $249 related to the modification of vesting terms of certain grants.

As of December 31, 2019 and 2018, there were $11,449 and $12,371, respectively, of total unrecognized compensation cost related to unvested restricted stock units which is expected to be recognized over a weighted-average period of 2.0 years and 2.2 years, respectively. At December 31, 2019 and 2018, there were $375 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:

The Company maintains 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 years ended December 31, 2019 and 2018, there were 23,171 and 28,609 shares of common stock issues under the ESPP, respectively. As of December 31, 2019 and 2018, there were 2,409,185 and 2,432,356 shares available for issuance under the ESPP, respectively.