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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The activity in the Stock Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2018		From Inception to December 31, 2018
Beginning balance	996,828		1,900,000
Additional shares authorized	—		1,500,000
Number of awards granted	(151,096	)	(3,023,067	)
Number of awards forfeited or expired	45,125		513,924
Ending balance	890,857		890,857
Number of option awards exercised	238,719		1,324,614
Number of unrestricted stock awards granted	900		9,370
Number of restricted stock awards vested	20,025		58,193

The activity in the Director Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2018		From Inception to December 31, 2018
Beginning balance	61,813		300,000
Number of awards granted	(12,650	)	(274,840	)
Number of awards forfeited or expired	—		24,003
Ending balance	49,163		49,163
Number of option awards exercised	28,680		117,961
Number of restricted stock awards vested	17,269		71,541

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.



2019	$	3,939
2020	2,289
2021	537
2022	38
2023	—
Total	$	6,803

Analysis of Award Activity

The analysis below details the option award activity for 2018 and the awards outstanding at December 31, 2018, 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, 2018	1,101,051		$	31.16
Granted	85,517		45.03
Exercised	(267,399	)	28.30
Forfeited	(20,266	)	35.27
Expired	(1,000	)	34.39
Outstanding at December 31, 2018	897,903		$	33.24	6.20	$	19,944
Exercisable at December 31, 2018	458,465		$	28.92	5.09	$	12,162

Schedule of Restricted Stock Award Activity

The analysis below details the award activity for the restricted stock and restricted stock unit awards outstanding at December 31, 2018:



Restricted stock awards	Shares		Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2018	267,799		$	36.66
Granted	79,739		46.02
Vested	(40,362	)	33.95
Forfeited	(23,201	)	33.86
Non-vested at December 31, 2018	283,975		$	39.90

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,	2018			2017			2016
Risk-free interest rate	2.79		%	2.23		%	1.53		%
Expected volatility	21.79		%	27.58		%	25.44		%
Expected option life (in years)	7			7			7
Expected dividends (in dollars)	$	1.12		$	1.00		$	0.88
Weighted-average grant-date fair value of options granted during the year (in dollars)	$	8.90		$	9.93		$	8.42

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2018:



				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	58,349	2.20	$	20.34	58,349	$	20.34
21.01		-	28.00	93,155	3.54	23.32		93,155	23.32
28.01		-	35.00	375,096	5.71	29.29		227,304	29.32
35.01		-	43.00	287,910	7.65	40.79		79,657	40.64
44.80		-	44.80	80,712	9.15	44.80		—	—
52.16		-	52.16	2,681	9.37	52.16		—	$	—
$	15.01	-	52.16	897,903	6.20	$	33.24	458,465	$	28.92