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CAPITAL STOCK (Tables)

12 Months Ended

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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