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Incentive Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2012
Unvested Service-Based Restricted Stock Awards

A summary of the status of First Commonwealth’s unvested service-based restricted stock awards as of December 31 and changes for the years ended on those dates is presented below:

 

     2012      2011      2010  
     Shares     Weighted
Average
Grant Date
Fair Value
     Shares     Weighted
Average
Grant Date
Fair Value
     Shares     Weighted
Average
Grant Date
Fair Value
 

Outstanding, beginning of the year

     50,060      $ 6.00         34,338      $ 6.52         20,103      $ 11.53   

Granted

     224,000        5.65         35,000        6.13         30,120        5.70   

Vested

     (17,060     5.73         (19,278     7.16         (15,885     11.32   

Forfeited

     (4,000     5.96         0        0.00         0        0.00   
  

 

 

      

 

 

      

 

 

   

Outstanding, end of the year

     253,000        5.71         50,060        6.00         34,338        6.52   
  

 

 

      

 

 

      

 

 

   
Unvested Target Award

The following table summarizes the unvested target awards for the Plans as of December 31:

 

     2012      2011  
     Shares     Weighted
Average
Grant Date
Fair Value
     Shares     Weighted
Average
Grant Date
Fair Value
 

Outstanding, beginning of the year

     93,333      $ 7.03         0      $ 0.00   

Granted

     74,000        5.96         126,000        7.03   

Vested

     0        0.00         0        0.00   

Forfeited

     (16,000     6.63         (32,667     7.03   
  

 

 

      

 

 

   

Outstanding, end of the year

     151,333        6.55         93,333        7.03   
  

 

 

      

 

 

   
Outstanding Stock Options

A summary of the status of First Commonwealth’s outstanding stock options as of December 31 and changes for the years ended on those dates is presented below:

 

     2012      2011      2010  
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
 

Outstanding, beginning of the year

     496,863      $ 10.03         640,866      $ 10.05         728,552      $ 10.18   

Granted

     0        0.00         0        0.00         0        0.00   

Exercised

     (130,672     6.76         (13,760     5.29         0        0.00   

Forfeited

     (169,869     10.68         (130,243     10.61         (87,686     11.19   
  

 

 

      

 

 

      

 

 

   

Balance, end of the year

     196,322        11.64         496,863        10.03         640,866        10.05   
  

 

 

      

 

 

      

 

 

   

Exercisable at the end of the year

     196,322        11.64         496,863        10.03         640,866        10.05   
  

 

 

      

 

 

      

 

 

   
Components of Stock Options Outstanding

The following table summarizes information about the stock options outstanding at December 31, 2012:

 

     Options Outstanding      Options Exercisable  

Range of Exercise Prices

   Number
Outstanding
     Weighted
Average
Remaining
Contract
Life
     Weighted
Average
Exercise
Price
     Number
Exercisable
     Weighted
Average
Exercise
Price
 

$9.00 - $9.99

     50,087         0.4       $ 9.27         50,087       $ 9.27   

$10.00 - $10.99

     4,954         0.9         10.46         4,954         10.46   

$12.00 - $15.00

     141,281         0.3         12.52         141,281         12.52   
  

 

 

          

 

 

    

Total

     196,322         0.3         11.64         196,322         11.64