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STOCK-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2016
STOCK-BASED COMPENSATION PLANS [Abstract]  
STOCK-BASED COMPENSATION PLANS
Note 12, Stock-Based Compensation Plans:

We have issued options and awards for Common Stock under three stock-based employee compensation plans, the 2014 Long Term Incentive Plan (the “2014 LTIP Plan”), the 2004 Long Term Incentive Plan (the “2004 LTIP Plan”) and the 1998 Stock Option Plan (the “1998 Plan”). No new awards may be granted under the 1998 Plan and as of December 31, 2016 all previously granted awards have been exercised, forfeited, or expired. No new awards may be granted under the 2004 LTIP Plan.  As of December 31, 2016, approximately 938,000 shares were available for awards and options under the 2014 LTIP Plan.

The following table summarizes our equity award activity during the years ended December 31, 2016, 2015 and 2014:

  
Restricted Stock Award
 
Stock-Settled
 Appreciation Rights
 
 
 
 
Shares or
Units
 
Weighted-Average
Award Price
 
 
 
 
Rights
 
Weighted-Average
 Award Price
 
Outstanding at December 31, 2013
 
437,000
 
$ 14.46
 
149,700
 
$15.78
 
Granted
 
146,748
 
28.72
 
—
 
—
 
Restrictions lapsed or exercised (1)
 
(235,925
)
14.01
 
(13,725
)
12.30
 
Forfeited or expired
 
(26,501
)
24.28
 
(6,000
)
18.14
 
Outstanding at December 31, 2014
 
321,322
 
$ 20.49
 
129,975
 
$16.04
 
Granted
 
176,135
 
23.97
 
—
 
—
 
Restrictions lapsed or exercised (1)
 
(147,595
)
18.94
 
(29,100
)
8.74
 
Forfeited or expired
 
(5,372
)
24.84
 
—
   
Outstanding at December 31, 2015
 
344,490
 
$ 22.87
 
100,875
 
$ 18.14
 
Granted
 
209,394
 
18.80
 
—
   
Restrictions lapsed
 
(140,864
)
20.55
 
—
   
Forfeited or expired
 
(15,700
)
20.45
 
—
   
Outstanding at December 31, 2016
 
397,320
 
$ 21.64
 
100,875
 
$18.14
 
Exercisable at December 31, 2016
     
74,875
 
$18.14
 
Restricted units expected to vest
 
397,320
 
$ 21.64
     
Exercisable at December 31, 2015
     
48,875
 
$18.14
 
Exercisable at December 31, 2014
     
51,975
 
$12.88
 
(1)
The total intrinsic value of stock-settled appreciation rights exercised was approximately $457,000 and $184,000 in 2015 and 2014, respectively.
       

The fair value for stock-settled appreciation rights were estimated at the date of grant using a Black‑Scholes pricing model.  The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at December 31, 2016 was approximately $416,000 and $561,000, respectively.

The total fair value of restricted common stock shares that vested in 2016, 2015 and 2014 was approximately $2,577,000, $3,097,000 and $5,985,000, respectively.  The aggregate intrinsic value of outstanding restricted stock awards was $9,416,000 at December 31, 2016.

Grants of restricted common stock, restricted units, performance units and stock-settled appreciation rights have been made to certain officers and key employees under the 2004 and the 2014 LTIP Plan. The restrictions on the restricted units generally lapse or vest annually, primarily over four year periods.  The performance units are based on one-year performance periods but cliff vest in three years from grant date.  The compensation for all awards is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and was approximately $3,872,000, $4,033,000 and $3,319,000 in 2016, 2015 and 2014, respectively.  The tax benefit recognized related to all awards was approximately $1,471,000, $1,533,000 and $1,261,000 in 2016, 2015 and 2014, respectively.  As of December 31, 2016, the total compensation cost related to unvested equity awards was approximately $4,387,000 and is expected to be recognized over a weighted-average period of 2.3 years.