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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Activity in Stock Award Plans
The activity in the Stock Plan is displayed in the following table:
Authorized Shares Available for Future Award Grants
Year Ended December 31, 2016
 
From Inception to December 31, 2016
Beginning balance
1,394,578

 
1,900,000

Additional shares authorized
—

 
1,500,000

Number of awards granted
(249,638
)
 
(2,612,566
)
Number of awards forfeited or expired
103,711

 
461,217

Ending balance
1,248,651

 
1,248,651

Number of option awards exercised
298,549

 
949,068

Number of unrestricted stock awards granted
980

 
7,325

Number of restricted stock awards vested
18,394

 
36,970
Recognition of Stock-Based Compensation Expense
We expect this compensation to be recognized in subsequent years according to the following table, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated.
2017
 
$
2,958

2018
 
2,259

2019
 
1,191

2020
 
640

2021
 
72

Total
 
$
7,120
Analysis of Award Activity
The analysis below details the award activity for 2016 and the awards outstanding at December 31, 2016, for both of our plans and ad hoc options, which were granted prior to the adoption of the other plans:
Options
Shares
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Life (in years)
 
Aggregate Intrinsic Value
Outstanding at January 1, 2016
1,383,880

 
$
28.66

 
 
 
 
Granted
180,912

 
39.91

 
 
 
 
Exercised
(336,215
)
 
30.26

 
 
 
 
Forfeited or expired
(107,900
)
 
38.24

 
 
 
 
Outstanding at December 31, 2016
1,120,677

 
$
29.08

 
6.63
 
$
22,519

Exercisable at December 31, 2016
462,639

 
$
25.85

 
2.83
 
$
10,789
Schedule of Restricted Stock Award Activity
The analysis below details the award activity for the restricted stock awards outstanding at December 31, 2016:
Restricted stock awards
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2016
144,763

 
$
27.81

Granted
80,913

 
40.22

Vested
(29,779
)
 
23.94

Forfeited
(13,811
)
 
26.16

Non-vested at December 31, 2016
182,086

 
$
34.08
Weighted-average Grant-Date Fair Value Assumptions
The weighted-average grant-date fair value of the options granted under our plans has been estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
December 31,
2016
 
2015
 
2014
Risk-free interest rate
1.53
%
 
1.94
%
 
2.19
%
Expected volatility
25.44
%
 
21.92
%
 
36.58
%
Expected option life (in years)
7

 
7

 
7

Expected dividends (in dollars)
$
0.88

 
$
0.80

 
$
0.78

Weighted-average grant-date fair value of options granted during the year (in dollars)
$
8.42

 
$
4.98

 
$
9.15
Summary of Stock Options Outstanding and Exercisable
The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2016:
 
 
 
Options Outstanding
Options Exercisable
Range of Exercise Prices
Number Outstanding (in shares)
Weighted-Average Remaining Contractual Life (in years)
Weighted-Average Exercise Price
Number Exercisable (in shares)
Weighted-Average Exercise Price
$
15.01

-
21.00
144,163

4.27
$
20.25

129,463

$
20.18

21.01

-
28.00
194,025

5.48
23.37

122,391

23.11

28.01

-
35.00
595,544

6.95
29.77

200,285

30.70

35.01

-
41.00
186,945

8.62
39.60

10,500

35.23

$
15.01

-
41.00
1,120,677

6.63
$
29.08

462,639

$
25.85