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Incentive Compensation Plan | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Incentive Compensation Plan | Incentive Compensation Plan On January 20, 2009, the Board of Directors of the Company adopted, with shareholder approval, the First Commonwealth Financial Corporation Incentive Compensation Plan. This plan allows for shares of common stock to be issued to employees, directors, and consultants of the Company and its subsidiaries as an incentive to aid in the financial success of the Company. The shares can be issued as options, stock appreciation rights, performance share or unit awards, dividend or dividend equivalent rights, stock awards, restricted stock awards, or other annual incentive awards. Up to 5,000,000 shares of stock can be awarded under this plan, of which 3,942,531 shares were still eligible for awards as of December 31, 2015. Restricted Stock The following provides detail on the restricted stock awards which were issued and outstanding in 2015, 2014 and 2013 in order to retain and attract key employees. The grant date fair value of the restricted stock awards is equal to the price of First Commonwealth’s common stock on grant date.
Grant Date | Shares issued | Grant Price | Vesting Date | Number of Equal Vesting Periods
June 26, 2015 | 1,000 |  | $ | 9.84 |  | June 26, 2018 | 1
February 20, 2015 | 10,000 |  | 8.45 |  | February 20, 2018 | 1
February 20, 2015 | 34,200 |  | 8.45 |  | December 31, 2015 | 1
February 5, 2015 | 50,000 |  | 8.55 |  | February 5, 2018 | 1
January 29, 2015 | 20,170 |  | 7.93 |  | December 31, 2015 | 1
January 15, 2015 | 20,000 |  | 8.38 |  | January 15, 2017 | 1
November 17, 2014 | 3,500 |  | 9.26 |  | November 17, 2017 | 1
April 8, 2014 | 27,500 |  | 8.89 |  | April 8, 2017 | 3
March 24, 2014 | 46,000 |  | 9.18 |  | March 24, 2017 | 1
March 4, 2014 | 5,000 |  | 8.75 |  | March 4, 2017 | 1
January 1, 2014 | 12,626 |  | 8.82 |  | December 31, 2014 | 1
August 16, 2013 | 3,000 |  | 7.57 |  | August 16, 2016 | 1
May 31, 2013 | 45,000 |  | 7.21 |  | May 31, 2016 | 3
March 1, 2013 | 10,000 |  | 7.35 |  | March 1, 2016 | 1
February 24, 2012 | 34,000 |  | 5.96 |  | December 31, 2014 | 1
February 24, 2012 | 90,000 |  | 5.96 |  | February 24, 2015 | 1
January 1, 2012 | 100,000 |  | 5.26 |  | January 1, 2016 | 4
November 21, 2011 | 10,000 |  | 4.41 |  | November 21, 2014 | 1
April 1, 2011 | 25,000 |  | 6.82 |  | April 1, 2016 | 1
Compensation expense related to restricted stock was $1.4 million, $1.0 million and $0.5 million in 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $2.5 million of unrecognized compensation cost related to unvested restricted stock awards granted. 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:
| 2015 |  | 2014 |  | 2013
| 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 | 265,000 |  |  | $ | 7.08 |  |  | 271,000 |  |  | $ | 6.07 |  |  | 253,000 |  |  | $ | 5.71 |
Granted | 135,370 |  |  | 8.41 |  |  | 94,626 |  |  | 9.03 |  |  | 58,000 |  |  | 7.25 |
Vested | (168,536 | ) |  | 6.87 |  |  | (98,487 | ) |  | 6.18 |  |  | (35,000 | ) |  | 5.46 |
Forfeited | — |  |  | — |  |  | (2,139 | ) |  | 5.96 |  |  | (5,000 | ) |  | 5.96 |
Outstanding, end of the year | 231,834 |  |  | 8.01 |  |  | 265,000 |  |  | 7.08 |  |  | 271,000 |  |  | 6.07 |
The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2015, 2014 and 2013. These plans were previously approved by the Board of Directors.
Grant Date | Target Share Award | Performance Period (years) | Award if threshold met | Award if targets are met | Award if superior met | Award if threshold not achieved | Vesting After Performance Period (years) | Final vesting
January 17, 2011 | 54,166 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 1 | January 17, 2014
February 24, 2012 | 68,000 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 1 | December 31, 2015
January 28, 2013 | 128,611 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 1 | December 31, 2016
January 27, 2014 | 125,000 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2016
January 26, 2015 | 125,000 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2017
December 30, 2015 | 60,000 |  | 5 |  |  |  |  | 0 | December 31, 2020
The following table summarizes the estimated unvested target share awards for the Plans as of December 31:
| 2015 |  | 2014 |  | 2013
Outstanding, beginning of the year | 284,000 |  |  | 250,777 |  |  | 151,333 |
Granted | 185,000 |  |  | 126,389 |  |  | 138,611 |
Issued | (34,200 | ) |  | (12,626 | ) |  | — |
Forfeited | (114,095 | ) |  | (80,540 | ) |  | (39,167 | )
Outstanding, end of the year | 320,705 |  |  | 284,000 |  |  | 250,777 |
The estimated unvested target awards for the Plans have an estimated fair value of $9.07 per share for each year based on the closing price of Company stock as of December 31, 2015. Stock Option Plan The First Commonwealth Financial Corporation 1995 Compensatory Stock Option Plan expired on October 15, 2005, and is described below. As of December 31, 2015, there are no outstanding awards under this plan. All of the exercise prices and related number of shares have been adjusted to reflect historical stock splits. The plan permitted the Executive Compensation Committee to grant options for up to 4.5 million shares of First Commonwealth’s common stock through October 15, 2005. The vesting requirements and terms of options granted were at the discretion of the Executive Compensation Committee. Options granted in 2005 vested in the year granted. All options expire ten years from the grant date. All equity compensation plans were approved by security holders. 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:
| 12/31/2015 |  | 12/31/2014 |  | 12/31/2013
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding, beginning of the year | 15,000 |  |  | $ | 14.55 |  |  | 27,000 |  |  | $ | 14.49 |  |  | 196,322 |  |  | $ | 11.64 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | (15,000 | ) |  | 14.55 |  |  | (12,000 | ) |  | 14.41 |  |  | (169,322 | ) |  | 11.19 |
Balance, end of the year | — |  |  | — |  |  | 15,000 |  |  | 14.55 |  |  | 27,000 |  |  | 14.49 |
Exercisable at the end of the year | — |  |  | — |  |  | 15,000 |  |  | 14.55 |  |  | 27,000 |  |  | 14.49 |
There were no options exercised during the years ended December 31, 2015, 2014 or 2013.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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 3: 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 4: 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 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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