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STOCK-BASED COMPENSATION PLAN (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of the nonvested restricted stock awards outstanding and the assumptions used to estimate the fair value of the awards
The following table summarizes the nonvested restricted stock awards outstanding at December 31, 2017, and the assumptions used to estimate the fair value of the awards:

 
Grants
 
Shares Outstanding
 
Fair Value Per Share
 
Expected Volatility
 
Risk-Free Interest Rate
Officers & Key Employees -
2015 - Time
 
11,142

 
$
29.47

 
N/A

 
N/A

 
2016 - TSR
 
65,206

 
$
22.53

 
18.1
%
 
1.31
%
 
2016 - CEGR, Time
 
101,987

 
$
23.52

 
N/A

 
N/A

 
2017 - TSR
 
56,191

 
$
32.17

 
20.8
%
 
1.47
%
 
2017 - CEGR, Time
 
108,267

 
$
33.69

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
Directors -
2017
 
30,394

 
$
33.64

 
N/A

 
N/A
Summary of the total stock-based compensation cost for the period
The following table summarizes the total stock-based compensation cost for the years ended December 31 (in thousands):

 
2017
 
2016
 
2015
Officers & Key Employees
$
3,232

 
$
3,051

 
$
1,128

Directors
1,022

 
841

 
769

Total Cost
4,254

 
3,892

 
1,897

 
 
 
 
 
 
Capitalized
(288
)
 
(385
)
 
(216
)
Net Expense
$
3,966

 
$
3,507

 
$
1,681
Summary of information regarding restricted stock award activity during the period excluding accrued dividend equivalents
The following table summarizes information regarding restricted stock award activity during 2017, excluding accrued dividend equivalents:
 
Officers & Other Key Employees
 
Directors
 
Weighted
Average
Fair Value
Nonvested Shares Outstanding, January 1, 2017
295,515

 
35,197

 
$
24.96

Granted
167,734

 
30,394

 
$
33.24

Vested*
(114,199
)
 
(35,197
)
 
$
24.81

Cancelled/Forfeited**
(6,257
)
 
—

 
$
28.77

Nonvested Shares Outstanding, December 31, 2017
342,793

 
30,394

 
$
28.60


*Based on performance information available at the filing of this Report, management expects to award 15,092 shares associated with the 2015 grants to Officers and other key employees in 2018.
** Represents shares forfeited as a result of separation of employment prior to the satisfaction of service conditions.