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STOCK COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
STOCK COMPENSATION PLANS |
Schedule of company's stock incentive plan | A summary of the status of the Company’s Stock Incentive Plan at December 31, 2019, 2018, and 2017, and changes during the years then ended is presented in the table and narrative following:
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018 |  | 2017
|  |  |  | WEIGHTED |  |  |  | WEIGHTED |  |  |  | WEIGHTED
|  |  |  | AVERAGE |  |  |  | AVERAGE |  |  |  | AVERAGE
|  | SHARES |  | EXERCISE PRICE |  | SHARES |  | EXERCISE PRICE |  | SHARES |  | EXERCISE PRICE
Outstanding at beginning of year |  | 336,313 |  | $ | 2.91 |  | 360,721 |  | $ | 2.85 |  | 417,566 |  | $ | 2.76
Granted |  | 7,000 |  |  | 4.19 |  | 5,000 |  |  | 4.22 |  | 17,500 |  |  | 3.96
Exercised |  | (40,917) |  |  | 2.45 |  | (24,408) |  |  | 2.49 |  | (64,112) |  |  | 2.49
Forfeited |  | (5,748) |  |  | 2.44 |  | (5,000) |  |  | 1.92 |  | (10,233) |  |  | 3.10
Outstanding at end of year |  | 296,648 |  |  | 3.02 |  | 336,313 |  |  | 2.91 |  | 360,721 |  |  | 2.85
Exercisable at end of year |  | 282,565 |  |  | 2.96 |  | 307,814 |  |  | 2.86 |  | 308,301 |  |  | 2.79
Weighted average fair value of options granted in current year |  |  |  | $ | 0.62 |  |  |  | $ | 0.56 |  |  |  | $ | 1.12
Schedule of fair value of each option grant | The fair value of each option grant is estimated on the date of grant using the Binomial or Black-Scholes option pricing model with the following assumptions used for grants in 2019, 2018, and 2017.
|  | YEAR ENDED DECEMBER 31 |
PRICING MODEL ASSUMPTION RANGES |  | 2019 |  | 2018 |  | 2017 |
Risk-free interest rate |  | 2.65 | % | 3.13 | % | 2.23–2.38 | %
Expected lives in years |  | 10 |  | 10 |  | 10 |
Expected volatility |  | 15.75 | % | 15.59 | % | 28.09–28.84 | %
Expected dividend rate |  | 1.91 | % | 1.90 | % | 1.50 | %

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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