Stock-Based Compensation

6 Months Ended

Jun. 30, 2018

Note 9. Stock-Based Compensation

At June 30, 2018, the Company had a total of 4,822,248 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 2,458,523 shares of restricted stock during the six months ended June 30, 2018. The shares had an average fair value of $13.59 per share on the date of grant and a vesting period of five years. The six-month amount includes 38,000 shares that were granted in the second quarter with an average fair value of $12.48 per share on the date of grant. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $18.7 million and $18.2 million, respectively, in the six months ended June 30, 2018 and 2017, including $9.0 million and $9.5 million in the three months ended at those dates.

The following table provides a summary of activity with regard to restricted stock awards in the six months ended June 30, 2018:


				Weighted Average
				Grant Date
	Number of Shares			Fair Value
Unvested at beginning of year		5,574,167			$15.38
Granted		2,458,523			13.59
Vested		(697,482	)		15.20
Canceled		(134,420	)		15.01

Unvested at end of period		7,200,788			14.79

As of June 30, 2018, unrecognized compensation cost relating to unvested restricted stock totaled $91.9 million. This amount will be recognized over a remaining weighted average period of 3.4 years.