At March 31, 2022, the Company had a total of 5,872,599 shares available for grants as restricted stock, options, or other forms of related rights. The Company granted 2,859,342 shares of restricted stock, with an average fair value of $11.78 per share on the date of grant, during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company granted 3,029,949 shares of restricted stock, with an average fair value of $11.15 per share.

The shares of restricted stock that were granted during the three months ended March 31, 2022 and 2021, vest over a one or five year period. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $7 million and $8 million for the three months ended March 31, 2022 and 2021, respectively.

The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2022:


	For the Three Months Ended March 31, 2022
	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		6,950,335		$	11.68
Granted		2,859,342			11.78
Vested		(2,150,196	)		12.29
Canceled		(44,519	)		11.53
Unvested at end of year		7,614,962			11.55

As of March 31, 2022, unrecognized compensation cost relating to unvested restricted stock totaled $82 million. This amount will be recognized over a remaining weighted average period of 3.6 years.

The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the three months ended March 31, 2022:


	Number of Shares			Performance Period	Expected Vesting Dates
Outstanding at beginning of year		834,612
Granted		—
Released		(176,090	)
Canceled		(58,696	)
Outstanding at end of period		599,826		January 1, 2021 - December 31, 2023	March 31, 2023 and 2024

PSUs are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. Compensation and benefits expense related to PSUs is recognized using the fair value as of the date the units were approved, on a straight-line basis over the vesting period and totaled $0 and $1 million for the three months ended March 31, 2022 and March 31, 2021. As of March 31, 2022, unrecognized compensation cost relating to unvested restricted stock totaled $3 million. This amount will be recognized over a remaining weighted average period of 1.6 years. As of March 31, 2022, the Company believes it is probable that the performance conditions will be met.

The Company matches a portion of employee 401(k) plan contributions. Such expense totaled $2 million for the three months ended March 31, 2022 and March 31, 2021.