Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

Note 10. Stock-Based Compensation

At June 30, 2017, the Company had a total of 6,922,311 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 2,818,749 shares of restricted stock during the six months ended June 30, 2017. The shares had an average fair value of $15.27 per share on the date of grant and a vesting period of five years. The six-month amount includes 133,000 shares that were granted in the second quarter with an average fair value of $13.78 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 $18.2 million and $16.4 million, respectively, in the six months ended June 30, 2017 and 2016, including $9.5 million and $8.2 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, 2017:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		6,930,306		$	15.37
Granted		2,818,749			15.27
Vested		(2,193,074	)		15.01
Canceled		(94,300	)		15.67

Unvested at end of period		7,461,681			15.44

As of June 30, 2017, unrecognized compensation cost relating to unvested restricted stock totaled $100.3 million. This amount will be recognized over a remaining weighted average period of 3.4 years.

The Company had no stock option plans at June 30, 2017 or December 31, 2016.