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Equity Plan (Tables)

12 Months Ended

Dec. 31, 2020

Equity Plan

Schedule of stock option activity under the equity plans

​

​	​	​	​	​	​	​	​	​	​	​	​
​		​		​			Weighted		​
​	​	​	​	Weighted		​	Average	​	​
​	​	​	​	Average		​	Remaining	​	Aggregate
​	​	Number	​	Exercise		​	Contractual	​	Intrinsic
Total Stock Options	​	of Shares	​	Price		​	Life (Years)	​	Value
Outstanding at January 1, 2020		2,712,846	​	$	8.80	​	​	​	​	​	​
Granted		329,500	​	$	9.11	​	​	​	​	​	​
Exercised		(381,184)	​	$	4.50	​	​	​	​	​	​
Forfeited or expired		(114,341)	​	$	12.93	​	​	​	​	​	​
Outstanding at December 31, 2020		2,546,821	​	$	9.30		5.43	​	$	3,473,312	​
Vested or expected to vest		2,394,012	​	​	​		5.43	​	$	3,264,913	​
Exercisable at December 31, 2020		2,017,899	​	​	​		4.60	​	$	3,473,312	​

Schedule of information related to the equity Plan

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,								​
​	​	2020		​	2019		​	2018		​
Intrinsic value of options exercised	​	$	2,258,245	​	$	1,618,615	​	$	1,844,909	​
Cash received from option exercise	​	$	1,713,737	​	$	1,626,113	​	$	2,667,305	​
Tax benefit realized from option exercises	​	$	63,124	​	$	258,037	​	$	534,638	​
Weighted average fair value of options granted	​	$	1.15	​	$	1.91	​	$	3.03	​

Schedule of assumptions used to estimate the fair value of each option grant on the date of grant

​

​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2020		2019	​	2018	​
Expected life in months(1)		72	​	72	​	72	​
Volatility(1)		29	%	24	%	21	%
Weighted average risk-free interest rate(2)		0.53	%	2.23	%	2.88	%
Expected dividends(3)		5.71	%	3.95	%	2.64	%

(1) The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding based on historical experience. Volatility is based on the historical volatility of the stock price over the same period of the expected life of the option.

(2) Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option granted.

(3) Each grant’s dividend yield is calculated by annualizing the most recent quarterly cash dividend and dividing that amount by the market price of the Company’s common stock as of the grant date

Schedule of restricted stock activity under the equity plans

​

​	​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average Grant
​	​	Number	​	Date Fair
Total Restricted Stock Award		of Shares		Value
Nonvested shares at January 1, 2020		239,453	​	$	11.23	​
Granted		168,117	​	$	9.20	​
Vested		(108,870)	​	$	13.19	​
Forfeited or expired	​	—	​	$	—	​
Nonvested shares at December 31, 2020		298,700	​	$	10.83	​

X

- Definition

Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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