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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Cash Dividends Declared

Dividends were declared in 2020 and 2019 as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

March 12, 2019

May 1, 2019

May 15, 2019

$0.0425

June 27, 2019

August 1, 2019

August 15, 2019

$0.0425

August 6, 2019

November 1, 2019

November 15, 2019

$0.0425

November 7, 2019

January 31, 2020

February 14, 2020

$0.0425

March 10, 2020

November 16, 2020

December 16, 2020

$0.0425

June 25, 2020

August 3, 2020

August 17, 2020

$0.0425

August 4, 2020

November 2, 2020

November 16, 2020

$0.0425

November 3, 2020

January 29, 2021

February 12, 2021

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, 2020, is as follows:

			Options						Weighted- average exercise price						Weighted- average remaining contractual life (years)						Aggregate intrinsic value (in thousands)
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
Grants			296,500						9.21
Exercises			(75,000)						4.28
Cancellations			(19,625)						12.94
Expirations			(242,375)						13.95
Options outstanding at December 31, 2019			1,508,325						13.43
Grants			37,500						6.36
Exercises			(2,500)						10.79
Cancellations			(14,313)						11.09
Expirations			(242,112)						13.27
Options outstanding at December 31, 2020			1,286,900						13.28						4.7						$	3,604
Options exercisable at December 31, 2020			986,607						$	14.27					3.7						$	2,035

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:

			2020						2019						2018
Historical volatility			49		%				35		%				34		%
Expected term (years)			6.3						6.0						6.0
Risk-free interest rate			0.45		%				1.82		%				2.72		%
Expected dividend yield			2.67		%				1.80		%				1.22		%

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2020 is as follows:

			Restricted Shares						Weighted- average grant date fair value
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
Grants			439,747						9.25
Vested			(148,414)						14.54
Cancellations			(24,537)						13.97
Non-vested restricted shares, December 31, 2019			593,341						10.70
Grants			534,940						5.94
Vested			(322,398)						10.64
Cancellations			(10,296)						9.06
Non-vested restricted shares, December 31, 2020			795,587						$	7.54
Total unrecognized compensation expense remaining (in thousands)			$	3,403
Weighted-average years expected to be recognized over			1.3

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, 2020 is as follows:

			Performance - based awards (1)						Weighted- average grant date fair value
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
Grants			158,525						9.19
Vested			(66,761)						15.69
Cancellations			(25,992)						15.44
Non-vested performance-based awards, December 31, 2019			405,059						12.43
Grants			106,275						6.36
Vested			(62,215)						18.45
Cancellations			(18,073)						15.49
Non-vested performance-based awards, December 31, 2020			431,046						$	9.94
Total unrecognized compensation expense remaining (in thousands)			$	1,144
Weighted-average years expected to be recognized over			1.5

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

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The Company recorded stock compensation expense as follows (in thousands):

			Year Ended December 31,
Stock Compensation Expense Components			2020						2019						2018
Equity based stock option expense			$	570					$	617					$	691
Restricted and performance-based stock awards expense			5,346						4,404						3,400
Stock compensation expense for equity based awards			$	5,916					$	5,021					$	4,091
Liability based stock option expense			35						20						44
Total Stock Compensation Expense			$	5,951					$	5,041					$	4,135

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