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STOCK INCENTIVE PLANS | 6 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
STOCK INCENTIVE PLANS | STOCK INCENTIVE PLANS Restricted Stock We issue restricted stock awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three-year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. As of June 30, 2019, we had available up to 1,625,682 shares of common stock to issue under this Plan. TABLE 11.1 The following table details our issuance of restricted stock units and the aggregate weighted average grant date fair values under these plans for the years indicated.
| Six Months Ended June 30,
(dollars in millions) | 2019 |  | 2018
Restricted stock units | 1,128,701 |  |  | 937,155 |
Weighted average grant date fair values | $ | 12 |  |  | $ | 12 |
The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change of control as defined in the award agreements. The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 11.2
| Six Months Ended June 30,
| 2019 |  | 2018
| Units |  | Weighted Average Grant Price per Share |  | Units |  | Weighted Average Grant Price per Share
Unvested units outstanding at beginning of period | 2,556,174 |  |  | $ | 13.51 |  |  | 1,975,862 |  |  | $ | 13.64 |
Granted | 1,128,701 |  |  | 10.95 |  |  | 937,155 |  |  | 13.20 |
Vested | (649,248 | ) |  | 13.15 |  |  | (257,712 | ) |  | 13.18 |
Forfeited/expired | (305,891 | ) |  | 12.74 |  |  | (180,723 | ) |  | 13.30 |
Dividend reinvestment | 51,679 |  |  | 11.63 |  |  | 38,129 |  |  | 14.02 |
Unvested units outstanding at end of period | 2,781,415 |  |  | 12.60 |  |  | 2,512,711 |  |  | 13.56 |
The following table provides certain information related to restricted stock units: TABLE 11.3
(in millions) | Six Months Ended June 30,
| 2019 |  | 2018
Stock-based compensation expense | $ | 6 |  |  | $ | 5 |
Tax benefit related to stock-based compensation expense | 1 |  |  | 1 |
Fair value of units vested | 7 |  |  | 3 |
As of June 30, 2019, there was $19.9 million of unrecognized compensation cost related to unvested restricted stock units, including $1.3 million that is subject to accelerated vesting under the Plan’s immediate vesting upon retirement. The components of the restricted stock units as of June 30, 2019 are as follows: TABLE 11.4
(dollars in millions) | Service- Based Units |  | Performance- Based Units |  | Total
Unvested restricted stock units | 1,863,588 |  |  | 917,827 |  |  | 2,781,415 |
Unrecognized compensation expense | $ | 13 |  |  | $ | 7 |  |  | $ | 20 |
Intrinsic value | $ | 22 |  |  | $ | 11 |  |  | $ | 33 |
Weighted average remaining life (in years) | 2.19 |  |  | 2.17 |  |  | 2.18 |
Stock Options All outstanding stock options were assumed from acquisitions and are fully vested. Upon consummation of our acquisitions, all outstanding stock options issued by the acquired companies were converted into equivalent FNB stock options. We issue shares of treasury stock or authorized but unissued shares to satisfy stock options exercised. The following table summarizes the activity relating to stock options during the periods indicated: TABLE 11.5
| Six Months Ended June 30,
| 2019 |  | 2018
| Shares |  | Weighted Average Exercise Price per Share |  | Shares |  | Weighted Average Exercise Price per Share
Options outstanding at beginning of period | 458,354 |  |  | $ | 7.99 |  |  | 722,650 |  |  | $ | 7.96 |
Exercised | (34,432 | ) |  | 7.86 |  |  | (197,390 | ) |  | 7.93 |
Forfeited/expired | (12,042 | ) |  | 6.52 |  |  | (4,598 | ) |  | 11.65 |
Options outstanding and exercisable at end of period | 411,880 |  |  | 8.05 |  |  | 520,662 |  |  | 7.96 |
The intrinsic value of outstanding and exercisable stock options at June 30, 2019 was $1.5 million. The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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