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Incentive Compensation Plan | 12 Months Ended
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Dec. 31, 2017
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 3,365,572 shares were still eligible for awards as of December 31, 2017. Restricted Stock The following provides detail on the restricted stock awards which were issued and outstanding in 2017, 2016 and 2015 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
March 24, 2017 | 5,000 |  | $ | 12.99 |  | March 24, 2020 | 1
March 24, 2017 | 7,000 |  | 12.99 |  | August 31, 2017 | 1
March 24, 2017 | 7,000 |  | 12.99 |  | March 24, 2020 | 1
March 24, 2017 | 7,000 |  | 12.99 |  | August 31, 2017 | 1
December 19, 2016 | 15,000 |  | 13.96 |  | December 19, 2019 | 3
September 30, 2016 | 10,000 |  | 10.09 |  | September 30, 2019 | 1
September 19, 2016 | 33,000 |  | 10.02 |  | September 19, 2019 | 3
June 7, 2016 | 10,000 |  | 9.34 |  | June 7, 2019 | 1
March 1, 2016 | 10,000 |  | 8.84 |  | March 1, 2019 | 1
March 1, 2016 | 5,000 |  | 8.84 |  | March 1, 2019 | 1
March 1, 2016 | 20,000 |  | 8.84 |  | August 31, 2017 | 1
February 18, 2016 | 18,348 |  | 8.43 |  | December 31, 2016 | 1
June 26, 2015 | 1,000 |  | 9.84 |  | June 26, 2018 | 1
February 20, 2015 | 10,000 |  | 8.45 |  | August 31, 2017 | 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 $3.8 million, $3.2 million and $1.4 million in 2017, 2016 and 2015, respectively. As of December 31, 2017, there was $3.0 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:
| 2017 |  | 2016 |  | 2015
| 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 | 247,668 |  |  | $ | 9.34 |  |  | 231,834 |  |  | $ | 8.01 |  |  | 265,000 |  |  | $ | 7.08 |
Granted | 26,000 |  |  | 12.99 |  |  | 121,348 |  |  | 9.88 |  |  | 135,370 |  |  | 8.41 |
Vested | (151,668 | ) |  | 9.49 |  |  | (105,514 | ) |  | 7.04 |  |  | (168,536 | ) |  | 6.87 |
Forfeited | (5,000 | ) |  | 8.55 |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding, end of the year | 117,000 |  |  | 9.99 |  |  | 247,668 |  |  | 9.34 |  |  | 231,834 |  |  | 8.01 |
The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2017, 2016 and 2015. 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
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
February 18, 2016 | 160,650 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2018
February 23, 2017 | 93,500 |  | 3 | 40 | % | 100 | % | 200 | % | — | % | 0 | December 31, 2019
The following table summarizes the estimated unvested target share awards for the Plans as of December 31:
| 2017 |  | 2016 |  | 2015
Outstanding, beginning of the year | 426,596 |  |  | 320,705 |  |  | 284,000 |
Granted | 276,442 |  |  | 176,936 |  |  | 185,000 |
Issued | (171,637 | ) |  | (18,348 | ) |  | (34,200 | )
Forfeited | (6,356 | ) |  | (52,697 | ) |  | (114,095 | )
Outstanding, end of the year | 525,045 |  |  | 426,596 |  |  | 320,705 |
The unvested target awards for the Plans have an estimated fair value of $14.32 per share for the January 26, 2015 and February 18, 2016 grants based on the closing price of Company stock as of December 31, 2017. The December 30, 2015 grant has a fair value of $9.18 based the closing stock price when the shares were granted. Based on a Monte Carlo simulation, the February 23, 2017 grant has a fair value of $13.29 per share for 75% of the grant and$15.09 per share for 25% of the grant.

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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