STOCK COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2021

Compensation Related Costs [Abstract]

SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the following years:

	2021			2020			2019
Dividend yield		4.66	%		5.33	%		5.13	%
Expected volatility		24.59	%		24.57	%		24.04	%
Risk-free interest rate		1.44	%		0.89	%		2.50	%
Expected lives		10			10			10
Estimated forfeitures		-0-			-0-			-0-

SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS

A summary of the status of the stock options outstanding under the Company’s stock compensation plans as of December 31, 2021, 2020 and 2019 and changes during the years then ended are as follows (in thousands):

	2021					2020					2019
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price
Outstanding at beginning of year		3,266		$	12.03		2,637		$	12.05		2,253		$	12.09
Granted		768			21.90		715			9.84		644			13.67
Exercised		(710	)		12.11		(63	)		10.55		(240	)		10.84
Forfeited		-0-			19.36		(11	)		11.65		(20	)		13.50
Expired		-0-			-0-		(12	)		11.29		-0-			-0-
Outstanding at end of year		3,324			14.25		3,266			12.03		2,637			12.05
Options exercisable at end of year		2,556					2,556					1,196
Weighted average fair value of options granted during the year				$	2.77				$	0.96				$	1.72

SUMMARY OF STOCK OPTIONS OUTSTANDING

The following is a summary of stock options outstanding as of December 31, 2021 (in thousands):

Date of Grant	Number of Employees		Number of Shares			Option Price		Expiration Date
06/11/14		4		136			9.85	06/11/22
06/24/15		5		195			9.82	06/24/23
04/05/16		8		237			9.77	04/05/24
01/19/17		2		60			14.25	01/19/27
04/04/17		21		422			15.04	04/04/27
04/02/18		17		301			13.09	04/02/28
07/09/18		4		40			15.75	07/09/28
12/10/18		1		25			12.94	12/10/28
01/02/19		2		60			11.42	01/02/29
04/02/19		19		419			13.90	04/02/29
01/17/20		1		10			16.37	01/17/30
03/25/20		39		637			9.70	03/25/30
05/20/20		2		14			11.80	05/20/30
03/18/21		41		159	*		19.36	03/18/31
07/14/21		46		609	*		22.57	07/14/31
				3,324

* Unexercisable

SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA

Vesting Date	Performance Goal to be Met (1)	Percent of Shares Vested
June 30, 2023	Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater	100%
June 30, 2023	Growth in cumulative Normalized FFO over the past 3 years is 5% or greater	Bonus of 50% of the Restricted Stock (total of 150%)
June 30, 2023	Growth in cumulative Normalized FFO over the past 3 years is 20% or greater	Bonus of 100% of the Restricted Stock (total of 200%)

⁽¹⁾ Growth in cumulative Normalized FFO is measured as the trailing 12-month Normalized FFO per share at June 30, 2023 divided by the trailing 12-month Normalized FFO per share at June 30, 2020, which amount is $0.64/share at June 30, 2020.

SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2021, 2020 and 2019, and changes during the year ended December 31, 2021, 2020 and 2019 are presented below (in thousands):

	2021					2020					2019
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant Date					Grant Date					Grant Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value
Non-vested at beginning of year		212		$	13.69		238		$	13.33		161		$	12.44
Granted		280			16.51		35			14.75		118			11.12
Dividend Reinvested Shares		15			21.68		11			12.91		11			13.51
Vested		(73	)		8.48		(72	)		12.87		(52	)		5.69
Non-vested at end of year		434		$	16.66		212		$	13.69		238		$	13.33