Stock-Based Compensation

9 Months Ended

Sep. 30, 2018

Note 9. Stock-Based Compensation

At September 30, 2018, the Company had a total of 4,844,468 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, which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. The Company granted 2,535,523 shares of restricted stock during the nine months ended September 30, 2018. The shares had an average fair value of $13.51 per share on the date of grant and a vesting period of five years. The nine-month amount includes 77,000 shares that were granted in the third quarter with an average fair value of $10.94 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 $28.1 million and $27.3 million, respectively, in the nine months ended September 30, 2018 and 2017, including $9.4 million and $9.1 million in 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, 2018:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		5,574,167			$	15.38
Granted		2,535,523				13.51
Vested		(842,202	)			15.16
Canceled		(233,640	)			14.87

Unvested at end of period		7,033,848				14.75

As of September 30, 2018, unrecognized compensation cost relating to unvested restricted stock totaled $81.9 million. This amount will be recognized over a remaining weighted average period of 3.1 years.