STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Changes in stock options outstanding

A summary of changes in stock options outstanding during the year ended December 31, 2019, is as follows:

	2019
	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	421		$	16.68
Granted	15		16.68
Exercised	(2	)	5.72
Expired	(28	)	23.88
Forfeit	(25	)	16.37
Outstanding at end of year	381		$	16.24	4.97	$	—
Options exercisable at year end	326		$	16.25	5.48	$	—

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:

	2019		2018
Dividend yield:	7.5	%	2.4-2.9	%
Risk-free interest rate:	1.9	%	2.5-2.8	%
Expected market price volatility:	47.6	%	55.6-56.4	%
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 and restricted share awards during the years ended December 31, 2019 and 2018(in thousands):

	2019			2018
Selling, general and administrative expenses and income from operations before income taxes	$	456		$	888
Benefit for income taxes	(23		)	(50		)
Effect on net income	$	433		$	838

Unrecognized compensation cost

As of December 31, 2019, the Company had approximately $0.2 million of total unrecognized compensation expense related to stock options and restricted share awards 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
2020	$	136	$	11	$	125
2021	15		3		12
	$	151	$	14	$	137