Stock-Based Compensation

Restricted Stock Units

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 as of the dates indicated:



	For the Three Months Ended March 31,
	2020				2019
	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	826,263		$	23.76	1,140,215		$	21.96
Grants	109,347		36.71		142,008		34.01
Released and distributed (vested)	(90,500	)	35.92		(181,958	)	24.91
Forfeited/expired	(4,592	)	34.34		(4,343	)	27.67
Balance at end of period	840,518		$	23.68	1,095,922		$	23.30

The total fair value of restricted stock units vested and released, excluding cash-settled EBI units, was $3,251 and $4,533 for three months ended March 31, 2020 and 2019, respectively.

The compensation cost related to stock grants and vesting of restricted stock units, excluding cash-settled EBI units, was $1,802 and $1,638 for the three months ended March 31, 2020 and 2019, respectively. This included $147 and $172 paid to Company independent directors during the three months ended March 31, 2020 and 2019, respectively, related to independent director grants and compensation elected to be settled in stock.

As of March 31, 2020 and 2019, there were $12,667 and $12,004, respectively, of total unrecognized compensation cost related to unvested restricted stock units which is expected to be recognized over a weighted-average period of 2.44 years and 2.34 years, respectively. At March 31, 2020 and December 31, 2019, there were $403 and $375, respectively, accrued in other liabilities related to dividends declared to be paid upon vesting and distribution of the underlying RSUs.

Performance Based Restricted Stock Units:

During 2020, the Company began awarding performance-based restricted stock units ("PSUs") to executives and other officers and employees. PSUs are subject to the attainment of designated criteria during a fixed three-year period. The number of shares issued upon vesting will range from 0% to 200% of the shares granted. The PSUs vest at the end of a three-year period based on average adjusted return on tangible equity as reported, adjusted for unusual gains/losses, merger expenses, and other items as approved by the compensation committee. Compensation expense for the PSUs will be estimated each period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the vesting period of the awards.

The Company granted 53,975 shares of performance based restricted stock units and recorded compensation cost of $81 during the three months ended March 31, 2020. As of March 31, 2020, the maximum unrecognized compensation cost related to the nonvested PSUs was $3,746, and the remaining performance period over which the cost could be recognized was 2.92 years.

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 three months ended March 31, 2020 and 2019, there were 12,145 and 10,613 shares of common stock issues under the ESPP, respectively. As of March 31, 2020 and 2019, there were 2,397,040 and 2,421,743 shares available for issuance under the ESPP, respectively.