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STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of fair value assumptions of TSR awards


TSR Award Year	Expected Life (yrs)	Dividend Rate	Risk-Free Interest Rate	Expected Price Volatility (a)
2021	3	5.91%	0.03% - 0.35%	26.74% - 41.53%
2020	3	10.40%	0.10% - 0.18%	51.24% - 77.92%
2019	3	6.22%	1.79% - 2.07%	21.37% - 23.04%

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

Schedule of equity incentive plans

The following is a summary of the activity of the equity incentive plans:



	Year Ended December 31,
	2021		2020		2019
Restricted stock grants:
Number of shares		151,500		149,550		150,050
Average per share grant price	$	20.34	$	28.10	$	25.70
Deferred compensation to be recognized over vesting period	$	3,082,000	$	4,202,000	$	3,856,000

Number of non-vested shares:
Non-vested beginning of year		701,675		674,250		651,250
Grants		151,500		149,550		150,050
Vested during year		(145,725)		(122,125)		(114,650)
Forfeitures		(1,000)		—		(12,400)
Non-vested end of year		706,450		701,675		674,250

RSU grants:
Number of underlying shares		80,700		75,026		77,776
Average per share grant price	$	30.46	$	17.31	$	28.96
Deferred compensation to be recognized over vesting period	$	1,808,000	$	850,000	$	865,000

Number of non-vested shares:
Non-vested beginning of year		223,802		225,026		152,500
Grants		80,700		75,026		77,776
Vested during year		(73,750)		(24,343)		—
Forfeitures		—		(51,907)		(5,250)
Non-vested end of year		230,752		223,802		225,026

Restricted stock and RSU grants (based on grant price):
Weighted average per share value of non-vested shares	$	25.04	$	24.98	$	24.96
Value of stock vested during the year	$	5,165,000	$	3,589,000	$	2,365,000
Weighted average per share value of shares forfeited during the year	$	24.62	$	24.03	$	25.40

Total charge to operations:
Outstanding restricted stock grants	$	3,734,000	$	3,529,000	$	3,229,000
Outstanding RSUs		1,699,000		1,157,000		641,000
Total charge to operations	$	5,433,000	$	4,686,000	$	3,870,000

Schedule of common stock dividend distributions

In each of 2021 and 2019, 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):


		Total	Dividend Paid			Cash	Stock		Value
Declaration Date (a)		Dividend	Cash %	Stock %		Distributed	Issued		per Share
March 13, 2020	$	9,037	100.0	—	$	9,037	—		—
June 10, 2020 (b)	$	9,068	50.0	50.0	$	4,537	263	$	17.22
September 9, 2020 (b)	$	9,198	75.0	25.0	$	6,901	141	$	16.27
December 2, 2020	$	9,261	100.0	—	$	9,261	—		—

(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.