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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We issue stock-based compensation in the form of restricted stock units, performance-based stock units, and stock options through the New York Community Bancorp, Inc. 2020 Omnibus Incentive Plan. As of March 31, 2025, we have authorized 7,000,659 shares available for grant. Restricted stock units and performance-based stock units are granted at the closing market price on the date of the grant. The Company generally utilizes the Black-Scholes option pricing model to measure the fair value of stock options at the grant date. Forfeitures of restricted stock units, performance-based stock units, and stock options are accounted for as they occur. The following table presents total stock-based compensation expense and the related tax benefit:
| Three Months Ended March 31,
| 2025 |  | 2024
Stock-based compensation expense | 15 |  | 8
Tax benefit | 2 |  | 2
Restricted Stock The Company granted 3,854,284 shares of restricted stock, with an average fair value of $11.78 per share on the date of grant, during the three months ended March 31, 2025. The shares of restricted stock that were granted during the first three months of 2025 vest over a one to three year period. The following table provides a summary of activity with regard to restricted stock units (RSUs):
| Three Months Ended March 31, 2025
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year | 7,621,331 |  | $ | 17.20 |
Granted | 3,854,284 |  | 11.78 |
Vested | (1,027,994) |  | 18.48 |
Forfeited | (674,113) |  | 18.61 |
Unvested at end of period | 9,773,508 |  | 14.83 |
As of March 31, 2025, unrecognized compensation cost relating to unvested restricted stock totaled $119 million. This amount will be recognized over a remaining weighted average period of 2.5 years. Stock Options The following table summarizes stock options activity for the period indicated:
| Three months ended March 31, 2025
| Number of Options |  | Weighted- Average Exercise Price per Share
Unvested at beginning of year | 12,083,000 |  |  | $ | 8.69 |
Granted | — |  |  | — |
Vested | (1,750,000) |  |  | 9.34 |
Forfeited | (1,000,000) |  |  | 9.21 |
Unvested at end of period | 9,333,000 |  |  | 8.52 |
Exercisable at end of period | 3,000,000 |  |  |
As of March 31, 2025, the remaining amount of unamortized compensation expense relating to stock options totaled $41 million. This amount will be recognized over a remaining weighted average period of 2.1 years.

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