Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

Note 10. Stock-Based Compensation

At March 31, 2016, the Company had 9,695,260 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 (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. Included in this amount were 1,030,673 shares that were transferred from the 2006 Stock Incentive Plan, which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2006 and reapproved at its Annual Meeting on June 2, 2011. The Company granted 2,571,452 shares of restricted stock during the three months ended March 31, 2016. The shares had an average fair value of $15.23 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 $8.2 million and $7.2 million, respectively, for the three months ended March 31, 2016 and 2015.

The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2016:


	For the Three Months Ended March 31, 2016
	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		6,362,117		$	15.44
Granted		2,571,452			15.23
Vested		(1,893,003	)		15.38
Canceled		(36,600	)		15.27

Unvested at end of period		7,003,966			15.38

As of March 31, 2016, unrecognized compensation cost relating to unvested restricted stock totaled $101.3 million. This amount will be recognized over a remaining weighted average period of 3.6 years.

The following table summarizes the changes that occurred during the three months ended at March 31, 2016 with regard to the Company’s outstanding stock options:


	For the Three Months Ended March 31, 2016
	Number of Stock Options			Weighted Average Exercise Price
Stock options outstanding, beginning of year		2,400		$	16.88
Exercised		—			—
Expired/forfeited		(2,400	)		16.88

Stock options outstanding, end of period		—			—
Options exercisable, end of period		—			—

There were no stock options outstanding at March 31, 2016 and no options exercised during the three months ended at that date.