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Incentive Compensation Plan
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [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 2,115,605 shares were still eligible for awards as of December 31, 2022.
Restricted Stock
The following provides detail on the restricted stock awards which were issued and outstanding in 2022, 2021 and 2020 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
March 28, 202250,000 $15.46 March 28, 20251
February 17, 202257,000 16.43 February 17, 20251
January 3, 20221,000 16.25 January 3, 20251
December 13, 20212,000 14.83 December 13, 20241
December 9, 20211,000 15.07 December 9, 20241
November 22, 20211,565 15.96 November 22, 20241
November 19, 202124,000 15.81 November 19, 20241
September 27, 20216,000 13.78 September 27, 20241
June 14, 202115,000 14.58 June 1, 20243
February 18, 202184,950 12.77 February 18, 20241
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
Compensation expense related to restricted stock was $3.7 million, $3.1 million and $2.9 million in 2022, 2021 and 2020, respectively. As of December 31, 2022, there was $4.3 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:
 202220212020
 SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value
Outstanding, beginning of the year286,015 $13.82 250,800 $14.13 171,500 $14.27 
Granted108,000 15.98 134,515 13.64 95,300 13.72 
Vested(75,500)14.24 (88,389)14.46 (12,000)12.99 
Forfeited(7,250)13.11 (10,911)13.66 (4,000)13.85 
Outstanding, end of the year311,265 14.48 286,015 13.82 250,800 14.13 
The following provides detail on restricted stock awards estimated to be granted on a performance award basis during 2022, 2021 and 2020. 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 22, 2018102,000 340 %100 %200 %— %0December 31, 2020
February 21, 2019121,900 340 %100 %200 %— %0December 31, 2021
February 20, 2020125,800 340 %100 %200 %— %0December 31, 2022
February 18, 2021143,400 340 %100 %200 %— %0December 31, 2023
February 17, 2022121,200 340 %100 %200 %— %0December 31, 2024
The following table summarizes the estimated unvested target share awards for the Plans as of December 31:
 202220212020
Outstanding, beginning of the year391,100 434,180 442,832 
Granted200,503 143,400 125,800 
Issued(157,251)(158,531)(134,452)
Forfeited— (27,949)— 
Outstanding, end of the year434,352 391,100 434,180 
Based on a Monte Carlo simulation, the above grants have the following fair market values per share:
Proportional Fair Value
50%25%25%
February 23, 2017$13.29 $13.29 $15.09 
February 22, 201814.17 13.25 15.83 
February 21, 201914.22 16.62 13.07 
February 20, 202013.72 15.37 12.43 
February 18, 202112.77 11.45 16.41 
February 17, 202216.56 15.20 21.08