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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2014
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | (14) Stock-Based Compensation In April 2008, the Company adopted the NBT Bancorp Inc. 2008 Omnibus Incentive Plan (the “Plan”). Under the terms of the Plan, options and other equity-based awards are granted to directors and employees to increase their direct proprietary interest in the operations and success of the Company. The Plan assumed all prior equity-based incentive plans and any new equity-based awards are granted under the terms of the Plan. Under terms of the Plan, stock options are granted to purchase shares of the Company’s common stock at a price equal to the fair market value of the common stock on the date of the grant. Options granted have a vesting period of four years and terminate ten years from the date of the grant. Shares issued as a result of stock option exercises and vesting of restricted shares and stock unit awards are funded from the Company’s treasury stock. Restricted shares granted under the Plan vest after five years for employees and three years for non-employee directors. Restricted stock units granted under the Plan may have different terms and conditions. Performance shares and units granted under the Plan for executives may have different terms and conditions. Since 2011, the Company primarily grants restricted stock unit awards. Stock option grants since that time were reloads of existing grants. The following table summarizes information concerning stock options outstanding at December 31, 2014:
|  | Number of Shares |  |  | Weighted average exercise price |  | Weighted Average Remaining Contractual Term (in yrs) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2014 |  |  | 1,341,500 |  |  | $ | 22.98 |  |  |  |  |
Granted |  |  | 3,296 |  |  |  | 24.80 |  |  |  |  |
Exercised |  |  | (290,243 | ) |  |  | 22.58 |  |  |  |  |
Forfeited |  |  | (105 | ) |  |  | 20.19 |  |  |  |  |
Expired |  |  | (16,106 | ) |  |  | 22.36 |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 1,038,342 |  |  | $ | 23.10 |  |  |  | 3.40 |  |  | $ | 3,353,951 |
Exercisable at December 31, 2014 |  |  | 1,031,726 |  |  | $ | 23.09 |  |  |  | 3.37 |  |  | $ | 3,342,258 |
Expected to Vest |  |  | 5,249 |  |  | $ | 24.50 |  |  |  | 7.32 |  |  | $ | 9,354 |
Total stock-based compensation expense for stock option awards totaled $0.1 million, $0.2 million, and $0.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows:
|  | Years ended December 31, |
(dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Proceeds from stock options exercised |  | $ | 6,554 |  |  | $ | 7,927 |  |  | $ | 1,908 |
Tax benefits related to stock options exercised |  |  | 313 |  |  |  | 178 |  |  |  | 8 |
Intrinsic value of stock options exercised |  |  | 789 |  |  |  | 905 |  |  |  | 498 |
Fair value of shares vested during the year |  |  | 393 |  |  |  | 766 |  |  |  | 1,656 |
The Company has outstanding restricted and deferred stock awards granted from various plans at December 31, 2014. The Company recognized $4.2 million, $3.8 million, and $3.7 million in stock-based compensation expense related to these stock awards for the years ended December 31, 2014, 2013, and 2012, respectively. Tax benefits recognized with respect to restricted stock awards and stock units were $2.9 million, $2.4 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unrecognized compensation cost related to restricted stock awards and stock units totaled $4.4 million at December 31, 2014 and will be recognized over 1.7 years on a weighted average basis. Shares issued are funded from the Company’s treasury stock. The following table summarizes information for unvested restricted stock awards outstanding as of December 31, 2014:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |
Unvested Restricted Stock Awards |  |  |  |  |  |
Unvested at January 1, 2014 |  |  | 66,650 |  |  | $ | 23.15 |
Forfeited |  |  | - |  |  |  | - |
Vested |  |  | (14,650 | ) |  |  | 22.16 |
Unvested at December 31, 2014 |  |  | 52,000 |  |  | $ | 23.43 |
The following table summarizes information for unvested restricted stock units outstanding as of December 31, 2014:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |
Unvested Restricted Stock Units |  |  |  |  |  |
Unvested at January 1, 2014 |  |  | 539,850 |  |  | $ | 27.36 |
Forfeited |  |  | (5,090 | ) |  |  | - |
Vested |  |  | (105,013 | ) |  |  | - |
Granted |  |  | 209,228 |  |  |  | 24.11 |
Unvested at December 31, 2014 |  |  | 638,975 |  |  | $ | 31.01 |
The Company has 3.8 million securities remaining available to be granted as part of the Plan at December 31, 2014.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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