Note (24)—Stock-Based Compensation

The Company granted shares of common stock and restricted stock units in connection with its initial public offering and compensation arrangements for the benefit of employees, executive officers, and directors. Additionally, restricted stock unit grants are subject to time-based vesting. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the service conditions set forth in the grant agreements.

Additionally, following the initial public offering, participants in the EBI Plans (see Note 23) were given the option to elect conversion of their outstanding cash-settled EBI Units to stock-settled restricted stock units.

The following table summarizes information about vested and unvested restricted stock units outstanding at December 31, 2016:

	For the year ended
	December 31,
	2017					2016
	Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value		Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value
Balance at beginning of period		1,200,840		$	19.00		—
Conversion of deferred compensation plan		—			19.00		157,895			19.00
Conversion of equity based incentive (EBI) plans		—			19.00		125,684			19.00
Grants		123,169			35.15		1,077,066			19.00
Released and distributed (vested)		(103,639	)		21.25		(157,748	)		19.00
Forfeited/expired		(6,045	)		19.00		(2,057	)		19.00
Balance at end of period		1,214,325		$	19.97		1,200,840			19.00

The total fair value of restricted stock units vested and released was $2,202 and $2,997 for the years ended December 31, 2017 and 2016, respectively.

The compensation cost related to stock grants and vesting of restricted stock units was $8,184 and $4,693 for the year ended December 31, 2017 and 2016, respectively. This included $551 paid to Company independent directors during the year ended December 31, 2017 related to one time IPO grants and director compensation elected to be settled in stock. There were no such director grants during the year ended December 31, 2016.

As of December 31, 2017 and 2016, there were $12,950 and $15,721, respectively, of total unrecognized compensation cost related to nonvested stock-settled EBI Units and restricted stock units which is expected to be recognized over a weighted-average period of 2.80 years and 3.66 years, respectively.

At December 31, 2017 and 2016, there were 67,470 and 180,477 units valued at $2,833 and $4,683, respectively, remaining in the equity based incentive plans for employees who elected cash settlement of EBI units. Expense related to the cash settled EBI for the years ended December 31, 2017 and 2016 was $1,213 and $337, respectively.

Employee Stock Purchase Plan:

In 2016, the Company adopted an employee stock purchase plan (“ESPP”) under which employees, through payroll deductions, are able to purchase shares of Company common stock. The purchase price was the IPO price of $19.00 per share, with respect to the first offering period ended in 2016, and is 95% with respect to subsequent offering periods, of the lower of the price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares and a participant may not purchase more than 725 shares during any offering period (and, in any event, no more than $25,000 worth of common stock in any calendar year). During the years ended December 31, 2017 and 2016, there were 18,658 shares and 20,377 shares of common stock issued under the ESPP, respectively. As of December 31, 2017 and 2016, there were 2,460,965 and 2,479,623 shares available for issuance under the ESPP.