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CAPITAL STOCK (Tables) | 12 Months Ended
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Dec. 31, 2016
Cash Dividends Declared | Dividends were declared in 2016 and 2015 as follows:
Dividend per share |  | Date declared |  | Date of record |  | Payment date
$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
$0.0425 |  | March 3, 2016 |  | May 2, 2016 |  | May 16, 2016
$0.0425 |  | June 9, 2016 |  | August 1, 2016 |  | August 15, 2016
$0.0425 |  | August 4, 2016 |  | November 1, 2016 |  | November 15, 2016
$0.0425 |  | November 3, 2016 |  | February 1, 2017 |  | February 15, 2017
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, 2016, is as follows:
|  | Options |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual life (years) |  |  | Aggregate intrinsic value |
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 |  |  |  |  |  |  |  |  |
Grants |  |  | 66,850 |  |  |  | 15.44 |  |  |  |  |  |  |  |  |
Exercises |  |  | (272,325 | ) |  |  | 9.01 |  |  |  |  |  |  |  |  |
Cancellations |  |  | (30,750 | ) |  |  | 15.39 |  |  |  |  |  |  |  |  |
Expirations |  |  | (230,577 | ) |  |  | 27.16 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2016 |  |  | 1,775,400 |  |  |  | 13.44 |  |  |  | 4.7 |  |  |  | 8,305,300 |
Options exercisable at December 31, 2016 |  |  | 1,469,967 |  |  | $ | 12.85 |  |  |  | 4.2 |  |  | $ | 7,667,500 |
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:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Historical volatility |  |  | 39 | % |  |  | 39 | % |  |  | 58 | %
Expected term (years) |  |  | 6.0 |  |  |  | 5.2 |  |  |  | 6.0 |
Risk-free interest rate |  |  | 1.37 | % |  |  | 1.67 | % |  |  | 1.95 | %
Expected dividend yield |  |  | 1.10 | % |  |  | 1.18 | % |  |  | 0.77 | %
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2016 is as follows:
|  | Restricted Shares |  |  | Weighted- average grant date fair value |
Non-vested restricted shares, December 31, 2013 |  |  | 22,459 |  |  | $ | 13.26 |
Grants |  |  | 26,511 |  |  |  | 15.86 |
Vested |  |  | (22,459 | ) |  |  | 13.26 |
Non-vested restricted shares, December 31, 2014 |  |  | 26,511 |  |  |  | 15.86 |
Grants |  |  | 100,073 |  |  |  | 14.78 |
Vested |  |  | (24,649 | ) |  |  | 15.97 |
Cancellations |  |  | (500 | ) |  |  | 14.84 |
Non-vested restricted shares, December 31, 2015 |  |  | 101,435 |  |  |  | 14.77 |
Grants |  |  | 109,170 |  |  |  | 15.64 |
Vested |  |  | (46,306 | ) |  |  | 14.79 |
Cancellations |  |  | (2,475 | ) |  |  | 14.93 |
Non-vested restricted shares, December 31, 2016 |  |  | 161,824 |  |  | $ | 15.35 |
Total unrecognized compensation expense remaining |  | $ | 1,837,700 |  |  |  |  |
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 two years ended December 31, 2016 is as follows:
|  | Performance- based awards (1) |  |  | Weighted- average grant date fair value |
Non-vested performance-based awards, January 1, 2015 |  |  | — |  |  | $ | — |
Grants |  |  | 66,650 |  |  |  | 14.84 |
Cancellations |  |  | (500 | ) |  |  | 14.84 |
Non-vested performance-based awards, December 31, 2015 |  |  | 66,150 |  |  |  | 14.84 |
Grants |  |  | 82,000 |  |  |  | 15.69 |
Cancellations |  |  | (2,188 | ) |  |  | 14.94 |
Non-vested performance-based awards, December 31, 2016 |  |  | 145,962 |  |  | $ | 15.32 |
Total unrecognized compensation expense remaining |  | $ | 1,313,200 |  |  |  |  |
Weighted-average years expected to be recognized over |  |  | 1.6 |  |  |  |  |
(1) | Represents the target number of shares to be issued for each performance-based award.

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