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Stock Incentive Plans
6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Incentive Plans
Stock Incentive Plans

During the six months ended June 30, 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 661,290 shares remain outstanding at June 30, 2016 and vest one-third per year beginning in 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 six months ended June 30, 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 June 30, 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 six months ended June 30, 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
 
(6,580
)
 
 
 
(13.81
)
 
 
 
(7,500
)
 
 
 
(12.43
)
 
Expired
 
(65,000
)
 
 
(1)
(13.23
)
 
 
 

 
 
 

 
Unvested at June 30, 2016
 
958,759

 
 
 
14.43

 
 
 
744,000

 
 
 
12.41

 


(1)
Expired on June 30, 2016. Performance-based conditions were not achieved.

Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $314,000, net of taxes of $213,000, for the three months ended June 30, 2016 and $1.3 million, net of taxes of $852,000, for the six months ended June 30, 2016. Stock-based compensation expense totaled $1.3 million, net of taxes of $1.0 million, for the three months ended June 30, 2015 and $2.3 million, net of taxes of $1.6 million, for the six months ended June 30, 2015. At June 30, 2016, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $12.2 million and will be recognized over a weighted average period of approximately 2.2 years, which excludes $5.9 million of pre-tax compensation cost related to 471,050 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable.