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Incentive and Restricted Stock Plan and Dividend Reinvestment Plan | 12 Months Ended
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Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN | INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN We adopted an Incentive Stock Plan in 2014 that provides for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. A maximum of 750,000 shares of our common stock are available for awards granted under the 2014 Incentive Plan and the plan expires ten years from the date of board approval. Stock Options As of December 31, 2017, no nonstatutory stock options were outstanding under the 2014 Stock Plan. The fair value of nonstatutory stock option awards under the 2003 Stock Plan were estimated on the date of grant using the Black-Scholes valuation model, which is dependent upon certain assumptions. We used the simplified method in developing the estimated life of the option, whereby the expected life is presumed to be the midpoint between the vesting date and the end of the contractual term. There have been no nonstatutory stock options granted since 2006. There were 155,500 outstanding shares that expired December 19, 2015 at a weighted average exercise price of $37.86. Restricted Stock We periodically issue restricted stock to employees and directors, pursuant to our 2014 Stock Plan. As of December 31, 2017, 366,570 restricted shares have been granted under the 2014 Stock Plan. During 2017, 2016, and 2015, we granted 12,728, 15,613 and 16,142 restricted shares of common stock to outside directors under the 2014 Stock Plan. The grants are part of the compensation arrangement approved by the Compensation and Benefits Committee whereby the directors receive compensation in the form of both cash and restricted shares of common stock. These shares fully vest one year after the date of grant. The closing price of our stock is used to determine the fair value on the date of grant. During 2017, 2016, and 2015, we granted 77,387, 95,030 and 71,699 restricted shares of common stock to senior management under our Long Term Incentive Plan, or LTIP, within the 2014 Stock Plan. The restricted shares granted under the LTIP consist of both time and performance-based awards. The awards were granted in accordance with performance levels set by the Compensation and Benefits Committee. Vesting for the time-based awards is 50 percent after two years and the remaining 50 percent at the end of the third year. The performance-based awards vest at the end of the three-year period. During the vesting period, if the recipient leaves S&T before the end of the vesting period, shares will be forfeited except in the case of retirement, disability or death where accelerated vesting provisions are defined within the awards agreement. The average of the high and low prices of the stock is used to determine the fair value on the date of grant. Compensation expense for time-based restricted stock is recognized ratably over the period of service, generally the entire vesting period, based on fair value on the grant date. Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period once the likelihood of meeting the performance measure is probable. During 2017, 2016 and 2015, we recognized compensation expense of $3.0 million, $2.5 million and $1.7 million and realized a tax benefit of $1.1 million, $0.9 million and $0.6 million related to restricted stock grants. The following table provides information about restricted stock granted under the 2014 Stock Plan for the years ended December 31:
| Restricted Stock |  |  | Weighted Average Grant Date Fair Value |
Non-vested at December 31, 2015 | 150,356 |  |  | $ | 26.34 |
Granted | 110,643 |  |  | 25.58 |
Vested | 32,164 |  |  | 25.03 |
Forfeited | 3,335 |  |  | 26.04 |
Non-vested at December 31, 2016 | 225,500 |  |  | $ | 26.16 |
Granted | 90,115 |  |  | 35.19 |
Vested | 83,958 |  |  | 24.82 |
Forfeited | 11,089 |  |  | 29.56 |
Non-vested at December 31, 2017 | 220,568 |  |  | $ | 30.19 |
As of December 31, 2017, there was $2.7 million of total unrecognized compensation cost related to restricted stock that will be recognized as compensation expense over a weighted average period of 1.65 years. Dividend Reinvestment Plan We also sponsor a Dividend Reinvestment and Stock Purchase Plan, or Dividend Plan, where shareholders may purchase shares of S&T common stock at the average fair value with reinvested dividends and voluntary cash contributions. The plan administrator and transfer agent may purchase shares directly from us from shares held in treasury or purchase shares in the open market to fulfill the Dividend Plan’s needs.

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