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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2018

Cash Dividends Declared

Dividends were declared in 2018 and 2017 as follows:

Dividend per share		Date declared				Date of record				Payment date
$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
$0.0425		March 8, 2018				May 1, 2018				May 15, 2018
$0.0425		June 28, 2018				August 1, 2018				August 15, 2018
$0.0425		July 31, 2018				November 1, 2018				November 15, 2018
$0.0425		November 7, 2018				February 1, 2019				February 15, 2019

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, 2018, is as follows:

		Options				Weighted- average exercise price				Weighted- average remaining contractual life (years)				Aggregate intrinsic value
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
Grants			205,750				13.56
Exercises			(58,000	)			4.93
Cancellations			(22,375	)			16.95
Expirations			(32,750	)			15.50
Options outstanding at December 31, 2018			1,548,825				13.87				4.2			$	450,500
Options exercisable at December 31, 2018			1,279,825			$	13.76				3.2			$	450,500

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:

		2018				2017				2016
Historical volatility			34	%			39	%			39	%
Expected term (years)			6.0				6.0				6.0
Risk-free interest rate			2.72	%			1.97	%			1.37	%
Expected dividend yield			1.22	%			0.98	%			1.10	%

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2018 is as follows:

		Restricted Shares				Weighted- average grant date fair value
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
Grants			223,884				13.25
Vested			(90,926	)			17.14
Cancellations			(25,730	)			14.96
Non-vested restricted shares, December 31, 2018			326,545			$	14.63
Total unrecognized compensation expense remaining		$	3,482,300
Weighted-average years expected to be recognized over			1.6

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, 2018 is as follows:

		Performance - based ‎awards (1)				Weighted- average grant date fair value
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
Grants			182,300				12.81
Vested			(58,888	)			14.84
Cancellations			(13,017	)			15.95
Non-vested performance -based awards, December 31, 2018			339,287			$	14.82
Total unrecognized compensation expense remaining		$	2,388,000
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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