STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Fair value of option
The fair value of each option is estimated on the date of grant using the Black-Scholes option pricing method.  The assumptions used in the model for the years ended December 31, 2015 and December 31, 2014 (there were no option grants in 2016) are outlined in the following table:

 
 
December 31, 2015
 
December 31, 2014
Weighted average fair value of options granted
 
$
2.62

 
$
4.91

Weighted average assumptions used:
 
 

 
 

Expected volatility
 
34
%
 
34
%
Expected term (in years)
 
7.00

 
7.00

Risk-free interest rate
 
1.82
%
 
0.63
%
Expected dividend yield
 
—
%
 
—
%
Stock options outstanding
A summary of changes in stock options outstanding during the years ended December 31, 2016 and December 31, 2015 is presented below:
 
 
 
Stock Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term (Years)
 
Aggregate Intrinsic Value
 
 
 
 
 
 
 
 
(in thousands)
Balance at January 1, 2015
 
2,749,064

 
$
13.38

 
5.50

 
3,373

Granted
 
287,808

 
$
12.49

 
—

 
 
Exercised
 
(225,960
)
 
$
9.75

 
—

 
 
Forfeited or expired
 
(197,119
)
 
$
12.35

 
—

 
 
Balance at December 31, 2015
 
2,613,793

 
$
13.75

 
5.22

 
617

Granted
 
—

 
$
—

 
—

 
 
Exercised
 
(116,594
)
 
$
9.35

 
—

 
 
Forfeited or expired
 
(1,666
)
 
$
12.35

 
—

 
 
Balance at December 31, 2016
 
2,495,533

 
$
13.96

 
4.35

 
5,729