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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Activity in Stock Award Plans
The activity in the Stock Plan is displayed in the following table:
Authorized Shares Available for Future Award GrantsYear Ended December 31, 2020 From Inception to December 31, 2020
Beginning balance834,910  1,900,000 
Additional shares authorized— 1,500,000 
Number of awards granted(172,478) (3,288,899)
Number of awards forfeited or expired38,248  589,579 
Ending balance700,680  700,680 
Number of option awards exercised30,900  1,474,089 
Number of unrestricted stock awards granted— 10,090 
Number of restricted stock awards vested63,600  164,378 
The activity in the Director Stock Plan is displayed in the following table:
Authorized Shares Available for Future Award GrantsYear Ended December 31, 2020 From Inception to December 31, 2020
Beginning balance34,863  300,000 
Additional authorization150,000 150,000 
Number of awards granted(24,728) (313,868)
Number of awards forfeited or expired—  24,003 
Ending balance160,135  160,135 
Number of option awards exercised14,728  133,820 
Number of restricted stock awards vested14,300 98,491 
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.
2021$2,624 
20221,107 
2023269 
202483 
202512 
Total$4,095 
Analysis of Award Activity
The analysis below details the option award activity for 2020 and the awards outstanding at December 31, 2020, for both of our plans and ad hoc options, which were granted prior to the adoption of the other plans:
OptionsSharesWeighted-Average Exercise Price
Weighted-Average Remaining Life (in years)
Aggregate Intrinsic Value
Outstanding at January 1, 2020829,714 $35.39 
Granted110,470 44.08 
Exercised(45,628)21.93 
Cancelled/Forfeited(1,300)29.20 
Outstanding at December 31, 2020893,256 $37.16 5.16$179 
Exercisable at December 31, 2020663,788 $34.46 4.21$179 
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, 2020:
Restricted stock awardsSharesWeighted-Average Grant Date Fair Value
Non-vested at January 1, 2020246,750 $43.31 
Granted101,130 37.87 
Vested(77,900)39.93 
Forfeited(52,097)41.40 
Non-vested at December 31, 2020217,883 $42.45 
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 31,202020192018
Risk-free interest rate1.4 %2.57 %2.79 %
Expected volatility22.26 %26.40 %21.79 %
Expected option life (in years)
777
Expected dividends (in dollars)
$1.32 $1.24 $1.12 
Weighted-average grant-date fair value of options granted during the year (in dollars)
$6.96 $12.97 $8.90 
Summary of Stock Options Outstanding and Exercisable
The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2020:
 Options OutstandingOptions 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
$20.40 -29.0292,415 2.14$23.81 87,070 $23.63 
29.03 -29.37182,462 3.9329.12 182,462 29.12 
29.38 -40.61239,097 4.0435.47 210,663 34.87 
40.62 -44.88210,260 6.0842.87 158,190 42.86 
44.89 -54.26169,022 8.5648.44 25,403 54.11 
$20.40 -54.26893,256 5.16$37.16 663,788 $34.46