Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Note 9. Stock-Based Compensation

At March 31, 2018, the Company had a total of 4,798,208 shares available for grants as options, restricted stock, or other forms of related rights under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan, which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. The Company granted 2,420,523 shares of restricted stock during the three months ended March 31, 2018. The shares had an average fair value of $13.61 per share on the date of grant and a vesting period of five years. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $9.8 million and $8.7 million for the three months ended March 31, 2018 and 2017, respectively.

The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2018:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		5,574,167		$	15.38
Granted		2,420,523			13.61
Vested		(615,482	)		15.30
Canceled		(72,380	)		14.92

Unvested at end of period		7,306,828			14.80

As of March 31, 2018, unrecognized compensation cost relating to unvested restricted stock totaled $100.9 million. This amount will be recognized over a remaining weighted average period of 3.6 years.