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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2015

Cash Dividends Declared

Dividends were declared in 2015 and 2014 as follows:

Dividend per share		Date declared		Date of record		Payment date
$0.0375		October 31, 2013		January 31, 2014		February 14, 2014
$0.0375		March 11, 2014		May 1, 2014		May 15, 2014
$0.0375		June 19, 2014		August 1, 2014		August 15, 2014
$0.0375		July 29, 2014		October 31, 2014		November 14, 2014
$0.0375		November 5, 2014		January 30, 2015		February 13, 2015
$0.0375		March 4, 2015		May 1, 2015		May 15, 2015
$0.0375		June 10, 2015		July 31, 2015		August 14, 2015
$0.0425		August 4, 2015		October 30, 2015		November 13, 2015
$0.0425		November 3, 2015		February 1, 2016		February 15, 2016

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the three years ended December 31, 2015, is as follows:

		Options				Weighted- average exercise price				Weighted- average remaining contractual life (years)				Aggregate intrinsic value
Options outstanding at December 31, 2012			2,528,177				13.06
Grants			390,800				12.26
Exercises			(247,827	)			4.91
Cancellations			(68,000	)			16.89
Expirations			(231,500	)			22.46
Options outstanding at December 31, 2013			2,371,650				12.75
Grants			394,400				18.83
Exercises			(365,223	)			8.63
Cancellations			(32,200	)			12.23
Expirations			(42,000	)			26.61
Options outstanding at December 31, 2014			2,326,627				14.19
Grants			89,600				13.99
Exercises			(110,375	)			8.84
Cancellations			(37,750	)			15.57
Expirations			(25,900	)			26.60
Options outstanding at December 31, 2015			2,242,202				14.28				5.1				3,715,000
Options exercisable at December 31, 2015			1,725,944			$	13.85				4.3			$	3,551,000

Fair Value Stock Options at Grant Date using Weighted Average Assumption

The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:

		2015				2014				2013
Historical volatility			39	%			58	%			61	%
Expected term (years)			5.2				6.0				5.6
Risk-free interest rate			1.67	%			1.95	%			0.88	%
Expected dividend yield			1.18	%			0.77	%			0.97	%

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2015 is as follows:

		Restricted Shares				Weighted- average grant date fair value
Nonvested restricted shares, December 31, 2012			23,394			$	11.54
Grants			22,459				13.26
Vested			(23,394	)			11.54
Nonvested restricted shares, December 31, 2013			22,459				13.26
Grants			26,511				15.86
Vested			(22,459	)			13.26
Nonvested restricted shares, December 31, 2014			26,511				15.86
Grants			100,073				14.78
Vested			(24,649	)			15.97
Cancellations			(500	)			14.84
Nonvested restricted shares, December 31, 2015			101,435			$	14.77
Total unrecognized compensation expense remaining		$	1,089,700
Weighted-average years expected to be recognized over			2.6

Summary of Performance-based Award Activity

A summary of the Company’s performance-based award activity and related information for the year ended December 31, 2015 is as follows:

		Performance- based awards				Weighted- average grant date fair value
Nonvested performance-based awards, January 1, 2015			—			$	—
Grants (at target)			66,650				14.84
Cancellations			(500	)			14.84
Nonvested performance-based awards, December 31, 2015			66,150			$	14.84
Total unrecognized compensation expense remaining		$	740,560
Weighted-average years expected to be recognized over			2.0

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