Stock Incentive Plans

3 Months Ended

Mar. 31, 2017

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

Stock Incentive Plans

Stock Incentive Plans

During the three months ended March 31, 2017, 504,252 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, all of which remain outstanding at March 31, 2017 and vest one-third per year beginning in December 2017.  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, 2017, 17,532 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, 2017 and vest 100% in January 2020, 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, 2017.

	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, 2017		639,329			$	14.40			705,600			$	12.41
Granted		521,784			19.80				—			—
Vested		(21,790	)		(12.62		)		—			—
Forfeited		(2,910	)		(14.85		)		(1,000	)		(12.64		)
Expired		—			—				(327,800	)	(1)	(12.14		)
Unvested at March 31, 2017		1,136,413			16.91				376,800			12.64

(1) Expired on February 1, 2017. Performance-based conditions were not achieved.

Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $1.0 million, net of taxes of $697,000, for the three months ended March 31, 2017 and $942,000, net of taxes of $639,000, for the three months ended March 31, 2016. At March 31, 2017, pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $17.4 million and will be recognized over a weighted average period of approximately 2.2 years, which excludes $2.4 million of pre-tax compensation cost related to 188,400 performance-based restricted stock units granted in 2015, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable.