Stock-Based Compensation

3 Months Ended

Mar. 31, 2019

Note 9. Stock-Based Compensation

At March 31, 2019, the Company had a total of 3,297,368

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 of shareholders held on June 7, 2012. The Company granted

1,743,240

shares of restricted stock during the three months ended March 31, 2019. The shares had an average fair value of

$10.32

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

$7.9 million and $9.8 million, respectively, in the three months ended March 31, 2019 and 2018.

The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2019:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at beginning of year		6,904,388		$	14.74
Granted		1,743,240			10.32
Vested		(2,038,655	)		15.25
Canceled		(89,500	)		12.90
Unvested at end of period		6,519,473			13.43

As of March 31, 2019, unrecognized compensation cost relating to unvested restricted stock totaled $81.1 million. This amount will be recognized over a remaining weighted average period of 3.4 years.