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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2017

Cash Dividends Declared

Dividends were declared in 2017 and 2016 as follows:

Dividend per share		Date declared		Date of record		Payment date
$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
$0.0425		March 8, 2017		May 1, 2017		May 15, 2017
$0.0425		June 22, 2017		August 1, 2017		August 15, 2017
$0.0425		August 4, 2017		November 1, 2017		November 15, 2017
$0.0425		November 7, 2017		February 1, 2018		February 15, 2018

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, 2017, is as follows:

		Options				Weighted- average exercise price				Weighted- average remaining contractual life (years)				Aggregate intrinsic value
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
Grants			125,750				17.38
Exercises			(300,000	)			11.34
Cancellations			(45,700	)			16.40
Expirations			(99,250	)			20.40
Options outstanding at December 31, 2017			1,456,200				13.64				4.6			$	5,019,000
Options exercisable at December 31, 2017			1,250,673			$	13.05				4.0			$	4,923,000

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:

		2017				2016				2015
Historical volatility			39	%			39	%			39	%
Expected term (years)			6.0				6.0				5.2
Risk-free interest rate			1.97	%			1.37	%			1.67	%
Expected dividend yield			0.98	%			1.10	%			1.18	%

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2017 is as follows:

		Restricted Shares				Weighted- average grant date fair value
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
Grants			133,352				18.32
Vested			(69,795	)			15.39
Cancellations			(6,064	)			16.07
Non-vested restricted shares, December 31, 2017			219,317			$	17.12
Total unrecognized compensation expense remaining		$	2,932,000
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 three years ended December 31, 2017 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
Grants			87,000				18.45
Cancellations			(4,070	)			16.52
Non-vested performance-based awards, December 31, 2017			228,892			$	16.49
Total unrecognized compensation expense remaining		$	1,727,000
Weighted-average years expected to be recognized over			1.7

⁽¹⁾ Represents the target number of shares to be issued for each performance-based award.

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