At September 30, 2020, the Company had a total of 11,578,219 shares available for grants as restricted stock, options, or other forms of related rights. The Company granted 2,411,345 shares of restricted stock, with an average fair value of $11.62 per share on the date of grant, during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, the Company granted 2,022,198 shares of restricted stock, with an average fair value of $10.44 per share.

The shares of restricted stock that were granted during the nine months ended September 30, 2020 and 2019, vest over a three 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 $22.8 million and $23.2 million, respectively, for the nine months ended September 30, 2020 and 2019, including $7.5 million and $7.7 million for the three months ended at those dates.

The following table provides a summary of activity with regard to restricted stock awards in the nine months ended September 30, 2020:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		6,516,101		$	13.31
Granted		2,411,345			11.62
Vested		(2,171,891	)		14.06
Canceled		(151,345	)		12.45
Unvested at end of period		6,604,210			12.47

As of September 30, 2020, unrecognized compensation cost relating to unvested restricted stock totaled $69.5 million. This amount will be recognized over a remaining weighted average period of 2.9 years.

In addition, the Company has granted a total of 864,855 Performance-Based Restricted Stock Units (“PSUs”). Included in this total are 446,181 shares granted during the nine months ended September 30, 2020, which have a performance period of January 1, 2020 to December 31, 2022 and vest on April 1, 2023, subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards The Company granted 418,674 PSUs during 2019, which have a performance period of January 1, 2019 to December 31, 2021 and vest on April 1, 2022, 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 $863,000 and $1.8 million for the three and nine months ended September 30, 2020, respectively, and $411,000 and $689,000 for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, the Company believes it is probable that the performance conditions will be met.

During the first quarter of 2020, the Company began to match employee 401(k) plan contributions. Such expense totaled $1.5 million and $4.5 million for the three and nine months ended September 30, 2020, respectively.