STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2015

A summary of the Company’s stock option and SARs activities and related information for the year ended December 31, 2015, is as follows:


	Number of options and SAR units			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic-value
Outstanding at the beginning of the year		3,316,380		$	16.50
Granted (1)		200,500			20.18
Exercised		(905,116	)		11.91
Forfeited or expired		(205,309	)		20.99

Outstanding at the end of the year (2)		2,406,455		$	18.15		4.4	$	13,942,939

Vested or expected to vest as of December 31		2,343,032		$	18.18		4.4	$	13,530,902

Exercisable as of December 31 (3)		1,562,042		$	18.83		3.5	$	8,428,814

(1)	Includes 134,500 SAR units which are convertible for a maximum number of shares of the Company’s common stock equal to 75% of the SAR units subject to the grant.

(2)	Due to the ceiling imposed on the SAR grants, the outstanding amount equals a maximum of 2,107,339 shares of the Company’s common stock issuable upon exercise.

(3)	Due to the ceiling imposed on the SAR grants, the exercisable amount equals a maximum of 1,412,528 shares of the Company’s common stock issuable upon exercise.

Schedule of Options Granted, Classified into Range of Exercise Price

The options and SARs granted to employees of the Company and its subsidiaries and the options granted to non-employee directors of the Company and its subsidiaries which were outstanding as of December 31, 2015 have been classified into a range of exercise prices as follows:


	Outstanding						Exercisable
Exercise price(range)	Number of options		Weighted average remaining contractual life (years)		Weighted average exercise price		Number of options		Weighted average remaining contractual life (years)		Weighted average exercise price
6.99-9.78		113,857		0.4	$	8.29		113,857		0.4	$	8.29
11.58-15.54		789,547		4.7	$	14.74		461,108		3.7	$	14.66
16.08-19.59		875,485		5.6	$	17.30		421,553		5.3	$	16.95
19.83-32.34		627,566		3.1	$	25.40		565,524		2.8	$	25.76

		2,406,455		4.4	$	18.15		1,562,042		3.5	$	18.83

Summary of Restricted Stock Units Activity

A summary of the Company’s RSU activities and related information for the year ended December 31, 2015, is as follows:


	Number of RSUs			Weighted average Grant-Date fair value
Unvested as at the beginning of the year		—		$	—
Granted		245,000			19.89
Vested		—			—
Forfeited		(11,000	)		19.83

Unvested at the end of the year		234,000		$	19.89

Expected to vest after December 31, 2015		217,200		$	19.88