STOCK BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
STOCK BASED COMPENSATION  
Schedule of fair value of each grant is estimated at the grant date using the Black Scholes option pricing model with the following weighted average assumptions

 

 

 

 

 

 

 

 

 

 

 

    

2016

    

 

2015

    

 

2014

 

Dividend yield

 

3.00

%  

 

3.14

%  

 

3.36

%

Expected volatility

 

16.98

 

 

16.94

 

 

21.80

 

Risk free interest rate

 

1.64

 

 

1.93

 

 

1.90

 

Expected life

 

6.25

years

 

6.25

years

 

6.25

years

 

Summary of our stock option plan and changes made

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

2015

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

average

 

 

 

 

Weighted

 

average

 

 

 

 

 

average

 

remaining

 

 

 

 

average

 

remaining

 

 

 

 

 

exercise

 

contractual

 

 

 

 

exercise

 

contractual

 

 

 

Shares

 

price

 

life

 

 

Shares

 

price

 

life

 

Options outstanding, beginning of year

    

1,233,606

    

$

17.52

    

    

    

 

1,115,841

    

$

16.57

    

    

    

Options granted

 

182,118

 

 

26.15

 

 

 

 

176,093

 

 

22.81

 

 

 

Options exercised

 

(66,024)

 

 

16.01

 

 

 

 

(39,448)

 

 

14.15

 

 

 

Options forfeited

 

(30,441)

 

 

20.15

 

 

 

 

(18,880)

 

 

18.00

 

 

 

Options outstanding, end of year

 

1,319,259

 

$

18.73

 

6.3

years

 

1,233,606

 

$

17.52

 

6.8

years

Options exercisable

 

729,483

 

$

16.37

 

4.6

years

 

667,808

 

$

15.68

 

5.0

years

Options vested and expected to vest

 

1,245,713

 

$

18.56

 

6.2

years

 

1,158,706

 

$

17.37

 

6.6

years

 

Summary of information about the Company’s nonvested stock option activity

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

average

 

 

    

 

    

grant date

 

Stock Options

 

Shares

 

fair value

 

Nonvested at December 31, 2015

 

565,798

 

$

2.61

 

Granted

 

182,118

 

 

2.94

 

Vested

 

(132,184)

 

 

2.41

 

Forfeited

 

(25,956)

 

 

2.18

 

Nonvested at December 31, 2016

 

589,776

 

$

2.73

 

 

Summary of the activity for restricted stock awards

 

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

 

 

average

 

 

 

Number

 

grant date

 

 

 

outstanding

 

fair value

 

Nonvested at December 31, 2015

 

73,147

 

$

20.21

 

Granted during the year

 

70,776

 

 

27.38

 

Vested during the year

 

(29,849)

 

 

19.14

 

Forfeited during the year

 

(5,427)

 

 

20.36

 

Nonvested at December 31, 2016

 

108,647

 

$

25.16