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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2016
Stock-Based Compensation

Note 10. Stock-Based Compensation

At June 30, 2016, the Company had 9,610,060 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 2,692,652 shares of restricted stock during the six months ended June 30, 2016. The shares had an average fair value of $15.22 per share on the date of grant and a vesting period of five years. The six-month amount includes 121,200 shares that were granted in the second quarter with an average fair value of $15.07 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 $16.4 million and $14.6 million, respectively, in the six months ended June 30, 2016 and 2015, including $8.2 million and $7.5 million, respectively, 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, 2016:

 

     For the Six Months Ended
June 30, 2016		  
     Number of Shares      Weighted Average
Grant Date
Fair Value		  

Unvested at beginning of year

      6,362,117       $ 15.44   

Granted

      2,692,652         15.22   

Vested

      (1,935,663 )       15.38   

Canceled

      (75,200 )       15.17   
  

 

 

     

Unvested at end of period

      7,043,906         15.38   
  

 

 

     

As of June 30, 2016, unrecognized compensation cost relating to unvested restricted stock totaled $94.4 million. This amount will be recognized over a remaining weighted average period of 3.4 years.

The following table summarizes the changes that occurred during the six months ended at June 30, 2016 with regard to the Company’s outstanding stock options:

 

     For the Six Months Ended
June 30, 2016		  
     Number of Stock
Options		      Weighted Average
Exercise Price		  

Stock options outstanding, beginning of year

      2,400       $ 16.88   

Exercised

      —           —     

Expired

      (2,400 )       16.88   
  

 

 

     

Stock options outstanding, end of period

      —           —     

Options exercisable, end of period

      —           —     
  

 

 

     

There were no stock options outstanding at June 30, 2016 and no options exercised during the six months ended at that date.