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Stock-Related Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Related Benefit Plans | NOTE 18: STOCK-RELATED BENEFIT PLANS Stock Based Compensation At December 31, 2022, the Company had a total of 9,799,865 shares available for grants as restricted stock, options, or other forms of related rights under the 2020 Incentive Plan, which includes the remaining shares available, converted at the merger conversion factor from the legacy Flagstar Bancorp, Inc. 2016 Stock Plan. The Company granted 3,710,689 shares of restricted stock, with an average fair value of $11.23 per share on the date of grant, during the twelve months ended December 31, 2022. During the years ended December 31, 2021 and 2020, the Company granted 3,131,949 shares and 2,421,345 shares, respectively, of restricted stock, which had average fair values of $11.20 and $11.61 per share on the respective grant dates. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $25 million, $27 million, and $28 million, respectively, for the years ended December 31, 2022, 2021, and 2020. The following table provides a summary of activity with regard to restricted stock awards:
|  | For the Year Ended December 31, 2022 |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested at beginning of year |  |  | 6,950,335 |  |  | $ | 11.68 |
Granted |  |  | 3,710,689 |  |  |  | 11.23 |
Assumed in business acquisition (1) |  |  | 1,904,025 |  |  |  | 9.35 |
Vested |  |  | (2,374,209 | ) |  |  | 12.21 |
Forfeited |  |  | (614,238 | ) |  |  | 11.56 |
Unvested at end of year |  |  | 9,576,602 |  |  |  | 10.92 |
(1) Weighted-average per share represents the fair value per share on the acquisition date. |  |  |  |  |  |
As of December 31, 2022, unrecognized compensation cost relating to unvested restricted stock totaled $74 million. This amount will be recognized over a remaining weighted average period of 2.5 years. The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in th e twelve months ended December 31, 2022:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Performance Period |  | Expected Vesting Date
Outstanding at beginning of year |  |  | 834,612 |  |  | $ | 11.44 |  |  |  |  |
Granted |  |  | 473,211 |  |  |  | 10.09 |  |  |  |  |
Released |  |  | (176,090 | ) |  |  | 11.42 |  |  |  |  |
Forfeited |  |  | (336,749 | ) |  |  | 11.43 |  |  |  |  |
Outstanding at end of period |  |  | 794,984 |  |  |  | 11.43 |  |  | January 1, 2022 - December 31, 2024 |  | March 31, 2023 - 2025

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