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STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

STOCKHOLDERS' EQUITY

Schedule of fair value assumptions of TSR awards

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TSR Award Year		Expected Life (yrs)		Dividend Rate		Risk-Free Interest Rate		Expected Price Volatility (a)
2020		3		10.40%	​	0.10% - 0.18%	​	51.24% - 77.92%	​
2019		3		6.22%	​	1.79% - 2.07%	​	21.37% - 23.04%	​
2018		3		6.82%	​	2.18% - 2.70%	​	22.29% - 25.99%	​

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

Schedule of equity incentive plans

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2020			2019			2018
Restricted stock grants:	​	​	​	​	​	​	​	​	​
Number of shares	​	​	149,550	​	​	150,050	​	​	144,750
Average per share grant price	​	$	28.10	​	$	25.70	​	$	25.31
Deferred compensation to be recognized over vesting period	​	$	4,202,000	​	$	3,856,000	​	$	3,664,000
​	​	​	​	​	​	​	​	​	​
Number of non-vested shares:	​	​	​	​	​	​	​	​	​
Non-vested beginning of year	​		674,250	​		651,250	​		612,900
Grants	​		149,550	​		150,050	​		144,750
Vested during year	​		(122,125)	​		(114,650)	​		(106,000)
Forfeitures	​		—	​		(12,400)	​		(400)
Non-vested end of year	​		701,675	​		674,250	​		651,250
​	​	​	​	​	​	​	​	​	​
RSU grants:	​	​	​	​	​	​	​	​	​
Number of underlying shares	​	​	75,026	​	​	77,776	​	​	76,250
Average per share grant price	​	$	17.31	​	$	28.96	​	$	26.41
Deferred compensation to be recognized over vesting period	​	$	850,000	​	$	865,000	​	$	952,000
​	​	​	​	​	​	​	​	​	​
Number of non-vested shares:	​	​	​	​	​	​	​	​	​
Non-vested beginning of year	​	​	225,026	​	​	152,500	​	​	76,250
Grants	​	​	75,026	​	​	77,776	​	​	76,250
Vested during year	​	​	(24,343)	​	​	—	​	​	—
Forfeitures	​	​	(51,907)	​	​	(5,250)	​	​	—
Non-vested end of year	​	​	223,802	​	​	225,026	​	​	152,500
​	​	​	​	​	​	​	​	​	​
Restricted stock and RSU grants:	​	​	​	​	​	​	​	​	​
Weighted average per share value of non-vested shares (based on grant price)	​	$	24.98	​	$	24.96	​	$	23.83
Value of stock vested during the period (based on grant price)	​	$	3,589,000	​	$	2,365,000	​	$	2,289,000
Weighted average per share value of shares forfeited during the period (based on grant price)	​	$	24.03	​	$	25.40	​	$	23.59
​	​	​	​	​	​	​	​	​	​
The total charge to operations:	​	​	​	​	​	​	​	​	​
Outstanding restricted stock grants	​	$	3,529,000	​	$	3,229,000	​	$	3,028,000
Outstanding RSUs	​	​	1,157,000	​	​	641,000	​	​	482,000
Total charge to operations	​	$	4,686,000	​	$	3,870,000	​	$	3,510,000

Schedule of dividend distributions

In each of 2019 and 2018, the Board of Directors declared an aggregate $1.80 per share in cash distributions. The following table details the Company’s dividend activity for the year ended December 31, 2020 (amounts in thousands, except per share data).

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Total

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Dividend Paid

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Cash

Stock

Declaration Date (a)

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Dividend

Payable Date

Record Date

Cash %

Stock %

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Issued

Issued

March 13, 2020

​

$

9,037

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April 7, 2020

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March 24, 2020

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100.0

​

—

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$

9,037

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—

June 10, 2020 (b)(c)

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$

9,068

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July 31, 2020

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June 22, 2020

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50.0

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50.0

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$

4,537

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263

September 9, 2020 (b)(d)

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$

9,198

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October 29, 2020

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September 21, 2020

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75.0

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25.0

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$

6,901

​

141

December 2, 2020

​

$

9,261

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January 7, 2021

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December 17, 2020

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100.0

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—

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$

9,261

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—

(a) A dividend of $0.45 per share was declared in each period indicated.

(b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations.

(c) The shares of common stock issued were valued at approximately $17.22 per share.

(d) The shares of common stock issued were valued at approximately $16.27 per share.

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- Definition

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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- Definition

Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date.

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