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Stock Based Compensation
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation
Stock Based Compensation
The Company’s 2003 Stock Incentive Plan, or the 2003 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of September 30, 2015, the 2003 Plan authorized grants of stock‑based compensation instruments to purchase or issue up to 19,686,565 shares of Company common stock, subject to adjustments provided by the 2003 Plan. As of September 30, 2015, there were 13,202,836 shares available for grant under the 2003 Plan.
Restricted Stock
At September 30, 2015, there were 988,825 shares of unvested time‑based restricted common stock outstanding. The awarded shares of time‑based restricted common stock vest over a service period of three to four years from the date of the grant or immediately upon the death of an employee. Upon closing of the CapitalSource Inc. merger on April 7, 2014, 1,013,377 of awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan and a $26.1 million charge to earnings for the vesting of such shares was recorded. Such amount is included in "Acquisition, integration and reorganization costs" on the condensed consolidated statements of earnings in the second quarter of 2014.
Compensation expense related to time‑based restricted stock awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Restricted stock amortization totaled $3.8 million, $4.4 million, and $2.9 million for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively, and $11.2 million and $6.9 million for the nine months ended September 30, 2015 and 2014, respectively. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings.
The amount of unrecognized compensation expense related to all unvested restricted stock as of September 30, 2015 totaled $34.8 million.