STOCK OPTION PLAN (Tables)

12 Months Ended

Dec. 31, 2016

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

Changes in stock options outstanding

A summary of changes in stock options outstanding during the year ended December 31, 2016, is as follows:

	2016
	Number of Options (in thousands)		Weighted average exercise price		Weighted average remaining contractual life (in years)	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year	226		$	16.64
Granted	15		19.88
Exercised	(7	)	5.59
Expired	(5	)	42.81
Other	23		16.64
Outstanding at end of year	252		16.65		6.29	$	921
Options exercisable at year end	217		$	16.34	5.93	$	862

Assumptions used to calculate compensation expense and fair value of stock options granted

The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted each year:

	2016		2015
Dividend yield:	2.5	%	—
Risk-free interest rate:	1.1 – 1.7	%	1.2 – 1.6	%
Expected market price volatility:	67.4 – 73.5	%	79.1 – 80.1	%
Average expected life of stock options:	4.5 years		4.5 years

Share-based compensation expense

The Company recorded the following amounts related to the expense of the fair values of options during the years ended December 31, 2016 and 2015(in thousands):

	2016			2015
Selling, general and administrative expenses and income from operations before income taxes	$	690		$	575
Benefit for income taxes	(86		)	(137		)
Effect on net income	$	604		$	438

Unrecognized compensation cost

As of December 31, 2016, the Company had approximately $0.4 million of total unrecognized compensation expense related to stock options currently outstanding, to be recognized in future years, ending December 31, as follows (in thousands):

	Total gross unrecognized compensation expense		Total tax benefit associated with unrecognized compensation expense		Total net unrecognized compensation expense
2017	$	225	$	37	$	188
2018	106		13		93
2019	29		—		29
	$	360	$	50	$	310