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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

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



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2019		From Inception to December 31, 2019
Beginning balance	890,857		1,900,000
Additional shares authorized	—		1,500,000
Number of awards granted	(93,354	)	(3,116,421	)
Number of awards forfeited or expired	37,407		551,331
Ending balance	834,910		834,910
Number of option awards exercised	118,575		1,443,189
Number of unrestricted stock awards granted	720		10,090
Number of restricted stock awards vested	42,585		100,778

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



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2019		From Inception to December 31, 2019
Beginning balance	49,163		300,000
Number of awards granted	(14,300	)	(289,140	)
Number of awards forfeited or expired	—		24,003
Ending balance	34,863		34,863
Number of option awards exercised	1,131		119,092
Number of restricted stock awards vested	12,650		84,191

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.



2020	3,334
2021	1,513
2022	161
2023	—
Total	$	5,008

Analysis of Award Activity

The analysis below details the option award activity for 2019 and the awards outstanding at December 31, 2019, 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, 2019	897,903		$	33.24
Granted	61,216		54.26
Exercised	(119,706	)	28.83
Forfeited	(8,699	)	37.97
Expired	(1,000	)	18.14
Outstanding at December 31, 2019	829,714		$	35.39	5.62	$	7,666
Exercisable at December 31, 2019	537,127		$	31.53	4.76	$	6,586

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, 2019:



Restricted stock awards	Shares		Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2019	283,975		$	39.90
Granted	65,871		52.50
Vested	(55,235	)	38.42
Forfeited	(47,861	)	41.40
Non-vested at December 31, 2019	246,750		$	43.31

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,	2019			2018			2017
Risk-free interest rate	2.57		%	2.79		%	2.23		%
Expected volatility	26.40		%	21.79		%	27.58		%
Expected option life (in years)	7			7			7
Expected dividends (in dollars)	$	1.24		$	1.12		$	1.00
Weighted-average grant-date fair value of options granted during the year (in dollars)	$	12.97		$	8.90		$	9.93

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2019:



				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	45,598	1.29	$	20.56	45,598	$	20.56
21.01		-	28.00	69,762	2.47	23.19		69,762	23.19
28.01		-	35.00	303,495	4.72	29.28		255,678	29.31
35.01		-	43.00	269,790	6.65	40.80		139,944	40.80
44.80		-	44.80	77,172	8.15	44.80		25,252	44.80
44.81		-	54.26	63,897	9.10	54.17		893	$	52.16
$	15.01	-	54.26	829,714	5.62	$	35.39	537,127	$	31.53