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Incentive Compensation Plan
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Incentive Compensation Plan Incentive Compensation PlanOn 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 2,689,027 shares were still eligible for awards as of December 31, 2020.
Restricted Stock
The following provides detail on the restricted stock awards which were issued and outstanding in 2020, 2019 and 2018 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 DateShares issuedGrant PriceVesting DateNumber of Equal Vesting Periods
February 20, 202095,300 $13.72 February 20, 20231
February 21, 201963,000 14.22 February 22, 20221
February 21, 201915,000 14.22 February 22, 20221
November 26, 20182,000 13.82 November 26, 20211
May 29, 20183,000 15.44 May 29, 20211
March 26, 20182,000 14.08 March 26, 20211
February 26, 201877,500 14.49 February 26, 20211
March 24, 20175,000 12.99 March 24, 20201
March 24, 20177,000 12.99 March 24, 20201
December 19, 201615,000 13.96 December 19, 20193
September 30, 201610,000 10.09 September 30, 20191
September 19, 201633,000 10.02 September 19, 20193
June 7, 201610,000 9.34 June 7, 20191
March 1, 201610,000 8.84 March 1, 20191
March 1, 20165,000 8.84 March 1, 20191
June 26, 20151,000 9.84 June 26, 20181
February 5, 201550,000 8.55 February 5, 20181
Compensation expense related to restricted stock was $2.9 million, $2.7 million and $2.6 million in 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $3.2 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:
 202020192018
 SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value
Outstanding, beginning of the year171,500 $14.27 137,500 $13.05 117,000 $9.99 
Granted95,300 13.72 78,000 14.22 84,500 14.50 
Vested(12,000)— (41,000)10.09 (54,000)9.37 
Forfeited(4,000)13.85 (3,000)14.40 (10,000)9.34 
Outstanding, end of the year250,800 14.13 171,500 14.27 137,500 13.05 
The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2020, 2019 and 2018. These plans were previously approved by the Board of Directors.
Grant DateTarget Share AwardPerformance Period (years)Award if threshold metAward if targets are metAward if superior met Award if threshold not achievedVesting After Performance Period (years)Final vesting
December 30, 201560,000 50December 31, 2020
February 18, 2016160,650 340 %100 %200 %— %0December 31, 2018
February 23, 201793,500 340 %100 %200 %— %0December 31, 2019
February 22, 2018102,000 340 %100 %200 %— %0December 31, 2020
February 21, 2019121,900 340 %100 %200 %— %0December 31, 2021
February 20, 2020188,700 340 %100 %200 %— %0December 31, 2022
The following table summarizes the estimated unvested target share awards for the Plans as of December 31:
 202020192018
Outstanding, beginning of the year442,832 496,603 525,045 
Granted188,700 134,929 130,995 
Issued(134,452)(188,700)(149,480)
Forfeited— — (9,957)
Outstanding, end of the year497,080 442,832 496,603 
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, the February 22, 2018 grant has a fair value of $14.17 for 50% of the grant, $13.25 for 25% of the grant and $15.83 for the remaining 25% of the grant, the February 21, 2019 grant has a fair value of $14.22 for 50% of the grant, $16.62 for 25% of the grant and $13.07 for the remaining 25% of the grant and the February 20, 2020 grant has a fair value of $13.72 for 50% of the grant, $15.37 for 25% of the grant and $12.43 for the remaining 25% of the grant.