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Stock-Related Benefits Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Related Benefits Plans Stock-Related Benefits Plans
Stock Based Compensation

At December 31, 2023, the Company had a total of 16,143,893 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 9,995,495 shares of restricted stock, with an average fair value of $10.24 per share on the date of grant, during the year ended December 31, 2023.

The shares of restricted stock that were granted during the year ended December 31, 2023 and 2022, vest over a one to five years period. Compensation and benefits expense related to the RSAs grants is recognized on a straight-line basis over the vesting period and totaled $44 million, $25 million and $27 million for the years ended December 31, 2023, 2022 and 2021.

The following table provides a summary of activity with regard to restricted stock awards (RSAs):

Year Ended December 31, 2023
Number of SharesWeighted Average Grant Date Fair Value
Unvested at beginning of year9,576,602$10.92 
Granted9,995,49510.24 
Vested(3,105,582)10.99 
Forfeited(1,292,574)10.62 
Unvested at end of period15,173,941$10.49 


As of December 31, 2023, unrecognized compensation cost relating to unvested restricted stock totaled $119 million. This amount will be recognized over a remaining weighted average period of 2.7 years.
The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the year ended December 31, 2023:

Number of
Shares		Weighted
Average
Grant Date
Fair Value		Performance
Period		Expected
Vesting
Date
Outstanding at beginning of year794,984$10.73 
Granted566,6568.95 
Released(143,352)10.34 
Forfeited—— 
Outstanding at end of period1,218,2889.95 January 1, 2022 - December 31, 2025March 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 $4 million, $3 million and $5 million for the for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, unrecognized compensation cost relating to unvested restricted stock totaled $5 million. This amount will be recognized over a remaining weighted average period of 1.53 years. As of December 31, 2023, the Company believes it is probable that the performance conditions will be met.
Forfeitures of RSAs and PSUs are accounted for as they occur.