Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Note 10. Stock-Based Compensation

At March 31, 2017, the Company had a total of 6,982,031 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. The Company granted 2,685,749 shares of restricted stock during the three months ended March 31, 2017. The shares had an average fair value of $15.35 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 $8.7 million and $8.2 million, respectively, for the three months ended March 31, 2017 and 2016.

The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2017:


	For the Three Months Ended March 31, 2017
	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		6,930,306		$	15.37
Granted		2,685,749			15.35
Vested		(2,051,414	)		14.98
Canceled		(21,020	)		15.58

Unvested at end of period		7,543,621			15.47

As of March 31, 2017, unrecognized compensation cost relating to unvested restricted stock totaled $109.5 million. This amount will be recognized over a remaining weighted average period of 3.6 years.

The Company had no stock option plans at March 31, 2017 or December 31, 2016.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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