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STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY

Schedule of fair value assumptions of TSR awards

​

​	​	​	​	​	​	​	​	​	​
TSR Award Year		Expected Life (yrs)		Dividend Rate		Risk-Free Interest Rate		Expected Price Volatility (a)
2019		3		6.22%	​	1.79% - 2.07%	​	21.37% - 23.04%	​
2018		3		6.82%	​	2.18% - 2.70%	​	22.29% - 25.99%	​
2017		3		7.16%	​	1.14% - 1.64%	​	16.57% - 19.16%	​

(a) calculated based on the historical and implied volatility.

Summary of the activity of the equity incentive plans

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2019			2018			2017
Restricted stock grants:	​	​	​	​	​	​	​	​	​
Number of shares	​	​	150,050	​	​	144,750	​	​	140,100
Average per share grant price	​	$	25.70	​	$	25.31	​	$	24.75
Deferred compensation to be recognized over vesting period	​	$	3,856,000	​	$	3,664,000	​	$	3,467,000
​	​	​	​	​	​	​	​	​	​
Number of non-vested shares:	​	​	​	​	​	​	​	​	​
Non-vested beginning of year	​		651,250	​		612,900	​		591,750
Grants	​		150,050	​		144,750	​		140,100
Vested during year	​		(114,650)	​		(106,000)	​		(118,450)
Forfeitures	​		(12,400)	​		(400)	​		(500)
Non-vested end of year	​		674,250	​		651,250	​		612,900
​	​	​	​	​	​	​	​	​	​
RSU grants:	​	​	​	​	​	​	​	​	​
Number of underlying shares	​	​	77,776	​	​	76,250	​	​	76,250
Average per share grant price	​	$	28.96	​	$	26.41	​	$	24.03
Deferred compensation to be recognized over vesting period	​	$	865,000	​	$	952,000	​	$	1,004,000
​	​	​	​	​	​	​	​	​	​
Number of non-vested shares:	​	​	​	​	​	​	​	​	​
Non-vested beginning of year	​	​	152,500	​	​	76,250	​	​	200,000
Grants	​	​	77,776	​	​	76,250	​	​	76,250
Vested during year	​	​	—	​	​	—	​	​	(113,584)
Forfeitures	​	​	(5,250)	​	​	—	​	​	(86,416)
Non-vested end of year	​	​	225,026	​	​	152,500	​	​	76,250
​	​	​	​	​	​	​	​	​	​
Restricted stock and RSU grants:	​	​	​	​	​	​	​	​	​
Weighted average per share value of non-vested shares (based on grant price)	​	$	24.96	​	$	23.83	​	$	22.89
Value of stock vested during the year (based on grant price)	​	$	2,365,000	​	$	2,289,000	​	$	3,008,000
Weighted average per share value of shares forfeited during the year (based on grant price)	​	$	25.40	​	$	23.59	​	$	8.37
​	​	​	​	​	​	​	​	​	​
Total charge to operations:	​	​	​	​	​	​	​	​	​
Outstanding restricted stock grants	​	$	3,229,000	​	$	3,028,000	​	$	2,966,000
Outstanding RSUs	​	​	641,000	​	​	482,000	​	​	167,000
Total charge to operations	​	$	3,870,000	​	$	3,510,000	​	$	3,133,000

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of equity instruments other than stock options.

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

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