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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2016
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
14.        Stock-Based Compensation
          
In April 2008, the Company adopted the NBT Bancorp Inc. 2008 Omnibus Incentive Plan (the “Stock Plan”). Under the terms of the Stock Plan, options and other equity-based awards are granted to directors and employees to increase their direct proprietary interest in the operations and success of the Company.  The Stock Plan assumed all prior equity-based incentive plans and any new equity-based awards are granted under the terms of the Stock Plan.  Under terms of the Stock Plan, stock options are granted to purchase shares of the Company’s common stock at a price equal to the fair market value of the common stock on the date of the grant. Options granted have a vesting period of four years and terminate ten years from the date of the grant.  Shares issued as a result of stock option exercises and vesting of restricted shares and stock unit awards are funded from the Company’s treasury stock.  Restricted shares granted under the Plan vest after five years for employees and three years for non-employee directors.  Restricted stock units granted under the Stock Plan may have different terms and conditions.  Performance shares and units granted under the Stock Plan for executives may have different terms and conditions.  Since 2011, the Company primarily grants restricted stock unit awards.  Stock option grants since that time were reloads of existing grants.
 
The following table summarizes information concerning stock options outstanding at December 31, 2016:

 
 
Number of Shares
  
Weighted average exercise price
  
Weighted Average Remaining Contractual Term (in years)
  
Aggregate Intrinsic Value
 
Outstanding at January 1, 2016
  
541,564
  
$
23.23
       
Granted
  
50,508
   
28.95
       
Exercised
  
(360,147
)
  
23.32
       
Forfeited
  
-
   
-
       
Expired
  
(1,750
)
  
22.93
       
Outstanding at December 31, 2016
  
230,175
  
$
24.35
   
4.43
  
$
4,035,063
 
 
                
Exercisable at December 31, 2016
  
163,925
  
$
22.70
   
2.47
  
$
3,144,022
 
 
                
Expected to Vest
  
66,249
  
$
28.43
   
9.28
  
$
891,041
 
 
Total stock-based compensation expense for stock option awards totaled $0.2 million, $0.2 million, and $0.1 million for the years ended December 31, 2016, 2015, and 2014, respectively.  Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: 
 
 
 
Years ended December 31,
 
(In thousands)
 
2016
  
2015
  
2014
 
Proceeds from stock options exercised
 
$
8,398
  
$
12,044
  
$
6,554
 
Tax benefits related to stock options exercised
  
1,223
   
952
   
307
 
Intrinsic value of stock options exercised
  
3,143
   
2,446
   
789
 
Fair value of shares vested during the year
  
105
   
63
   
393
 

The Company has outstanding restricted and deferred stock awards granted from various plans at December 31, 2016. The Company recognized $4.2 million, $3.9 million, and $3.4 million in stock-based compensation expense related to these stock awards for the years ended December 31, 2016, 2015, and 2014, respectively.  Tax benefits recognized with respect to restricted stock awards and stock units were $2.9 million, $1.5 million and $1.1 million for the years ended December 31, 2016, 2015 and 2014, respectively.  Unrecognized compensation cost related to restricted stock awards and stock units totaled $4.5 million at December 31, 2016 and will be recognized over 2.8 years on a weighted average basis.  Shares issued are funded from the Company’s treasury stock.  The following table summarizes information for unvested restricted stock awards outstanding as of December 31, 2016:

 
 
Number
of
Shares
  
Weighted-
Average
Grant Date Fair
Value
 
Unvested at January 1, 2016
  
23,000
  
$
24.17
 
Forfeited
  
-
   
-
 
Vested
  
(23,000
)
  
24.17
 
Unvested at December 31, 2016
  
-
  
$
-
 

The following table summarizes information for unvested restricted stock units outstanding as of December 31, 2016:

 
 
Number
of
Shares
  
Weighted-
Average
Grant Date Fair
Value
 
Unvested at January 1, 2016
  
665,008
  
$
21.45
 
Forfeited
  
(20,969
)
  
20.92
 
Vested
  
(254,445
)
  
21.32
 
Granted
  
223,569
   
24.47
 
Unvested at December 31, 2016
  
613,163
  
$
22.62
 

The Company has 2,994,517 securities remaining available to be granted as part of the Plan at December 31, 2016.