Stock Incentive Plans

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

During the three months ended March 31, 2016, 663,960 shares of restricted common stock were granted to select officers under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, of which 663,510 shares remain outstanding at March 31, 2016 and all of which vest one-third per year on or about December 14, beginning December 2016. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests.

During the three months ended March 31, 2016, 21,912 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, all of which remain outstanding at March 31, 2016 and vest 100% in February 2019, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan.

The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2016.



	Restricted Common Stock							Restricted Stock Units
	Number of Shares			Weighted Average Grant Date Fair Value				Number of Units			Weighted Average Grant Date Fair Value
Unvested at January 1, 2016		374,817			$	12.68			751,500			$	12.41
Granted		685,872			15.06				—			—
Vested		(30,350	)		(9.72		)		—			—
Forfeited		(3,390	)		(13.24		)		(5,500	)		(12.45		)
Unvested at March, 2016		1,026,949			14.36				746,000			12.41

Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $942,000, net of taxes of $639,000, for the three months ended March 31, 2016 and $995,000, net of taxes of $614,000, for the three months ended March 31, 2015. At March 31, 2016, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $15.0 million and will be recognized over a weighted average period of approximately 2.3 years, which excludes $4.4 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock and 285,800 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable.