We issue stock-based compensation in the form of RSUs, PSUs, and stock options through the New York Community Bancorp, Inc. 2020 Omnibus Incentive Plan. Additionally, we have also granted one-time stock options as employment inducement awards to certain key executives in accordance with Rule 303A.08 of the NYSE. As of September 30, 2025, we have authorized 7,063,627 shares available for grant. RSUs and PSUs are granted at the closing market price on the date of the grant. We generally utilize the Black-Scholes option pricing model to measure the fair value of stock options at the grant date. Forfeitures of RSUs, PSUs, and stock options are accounted for as they occur.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Stock-based compensation expense	17	17	46	39
Tax benefit	3	3	8	6

We granted 5,199,148 shares of restricted stock, which vest over a one- to three-year period, with an average fair value of $11.57 per share on the date of grant, during the nine months ended September 30, 2025.


	Nine Months Ended September 30, 2025
	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at beginning of year	7,621,331	$	17.20
Granted	5,199,148	11.57
Vested	(2,009,630)	17.60
Forfeited	(2,222,194)	15.36
Unvested at end of period	8,588,655	14.17

As of September 30, 2025, unrecognized compensation cost relating to unvested restricted stock totaled $90 million. This amount will be recognized over the remaining weighted average life of 2.2 years.


	Nine Months ended September 30, 2025
	Number of Options	Weighted- Average Exercise Price per Share
Unvested at beginning of year	12,083,000	$	8.69
Granted	—	—
Vested	(4,583,333)	8.98
Forfeited	(1,000,000)	9.21
Unvested at end of period	6,499,667	8.41
Exercisable at end of period	5,833,333

As of September 30, 2025, the remaining amount of unamortized compensation expense relating to stock options totaled $31 million. This amount will be recognized over the remaining weighted average life of 1.6 years.