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Stock-Related Benefits Plans | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Related Benefits Plans | Stock-Related Benefits Plans Stock Based Compensation At September 30, 2023, the Company had a total of 16,285,640 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 9,521,787 shares of restricted stock, with an average fair value of $10.23 per share on the date of grant, during the nine months ended September 30, 2023. The shares of restricted stock that were granted during the nine months ended September 30, 2023 and 2022, vest over a one- or five years period. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $31 million and $21 million for the nine months ended September 30, 2023 and 2022, including $12 million and $7 million for the three months ended September 30, 2023 and September 30, 2022. The following table provides a summary of activity with regard to restricted stock awards:
| For the Nine Months Ended September 30, 2023
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year | 9,576,602 |  | $ | 10.92 |
Granted | 9,521,787 |  | 10.23 |
Vested | (2,973,101) |  | 11.07 |
Forfeited | (904,537) |  | 10.60 |
Unvested at end of period | 15,220,751 |  | $ | 10.48 |
As of September 30, 2023, unrecognized compensation cost relating to unvested restricted stock totaled $131 million. This amount will be recognized over a remaining weighted average period of 2.9 years. The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the nine months ended September 30, 2023:
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Performance Period |  | Expected Vesting Date
Outstanding at beginning of year | 794,984 |  | $ | 10.73 |  |  |  |  |
Granted | 566,656 |  | 8.95 |  |  |  |  |
Released | (143,352) |  | 10.34 |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |
Outstanding at end of period | 1,218,288 |  | 9.95 |  |  | January 1, 2022 - December 31, 2025 |  | March 31, 2023 - 2026
PSUs are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. Compensation and benefits expense related to PSUs is recognized using the fair value as of the date the units were approved, on a straight-line basis over the vesting period and totaled $3 million and $2 million for the nine months ended September 30, 2023 and 2022, including $1 million and $1 million for the three months ended September 30, 2023 and 2022. As of September 30, 2023, unrecognized compensation cost relating to unvested restricted stock totaled $6 million. This amount will be recognized over a remaining weighted average period of 1.8 years. As of September 30, 2023, the Company believes it is probable that the performance conditions will be met.

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