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SHARE BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2013
Share-Based Compensation [Abstract]  
Fair Values of all Options Granted Estimated Using Binomial Option-Pricing Model with Weighted-average Assumptions
The fair values of all of the options granted for the periods indicated have been estimated using a binomial option-pricing model with the weighted-average assumptions for the years ended December 31 are presented in the following table:
 
 
 
2013
 
 
2012
 
 
2011
 
Dividend yield
 
 
2.80
%
 
 
2.17
%
 
 
1.72
%
Weighted average expected volatility
 
 
53.87
%
 
 
50.90
%
 
 
46.87
%
Weighted average risk-free interest rate
 
 
0.83
%
 
 
1.14
%
 
 
2.58
%
Weighted average expected lives (in years)
 
 
5.34
 
 
 
5.35
 
 
 
5.70
 
Weighted average grant-date fair value
 
$
7.99
 
 
$
7.85
 
 
$
7.76
 
Summary of Share Option Activity
A summary of share option activity for the period indicated is reflected in the following table:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Number
 
Weighted
 
Average
 
Aggregate
 
 
 
of
 
Average
 
Contractual
 
Intrinsic
 
 
 
Common
 
Exercise
 
Remaining
 
Value
 
 
 
Shares
 
Share Price
 
Life(Years)
 
(in thousands)
 
Balance at January 1, 2013
 
440,453
 
$
29.17
 
 
 
$
557
 
Granted
 
20,229
 
$
20.26
 
 
 
$
160
 
Exercised
 
(10,964)
 
$
12.70
 
 
 
$
118
 
Forfeited or expired
 
(141,917)
 
$
37.72
 
 
 
$
13
 
Balance at December 31, 2013
 
307,801
 
$
25.23
 
2.4
 
$
1,768
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at December 31, 2013
 
263,657
 
$
26.19
 
1.9
 
$
1,384
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average fair value of options granted during the year
 
 
 
$
7.99
 
 
 
 
 
 
Summary of Activity for Company's Non-Vested Options
A summary of the activity for the Company’s non-vested options for the period indicated is presented in the following table:
 
 
 
 
 
Weighted
 
 
 
 
 
Average
 
 
 
Number
 
Grant-Date
 
(In dollars, except share data):
 
of Shares
 
Fair Value
 
Non-vested options at January 1, 2013
 
54,416
 
$
7.56
 
Granted
 
20,229
 
$
7.99
 
Vested
 
(29,110)
 
$
7.34
 
Forfeited or expired
 
(1,391)
 
$
7.85
 
Non-vested options at December 31, 2013
 
44,144
 
$
7.89
 
Summary of Activity for Company's Restricted Stock
A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table:
 
 
 
 
 
Weighted
 
 
 
 
 
Average
 
 
 
Number
 
Grant-Date
 
(In dollars, except share data):
 
of Shares
 
Fair Value
 
Restricted stock at January 1, 2013
 
224,005
 
$
17.40
 
Granted
 
93,770
 
$
20.26
 
Vested
 
(71,043)
 
$
17.10
 
Forfeited
 
(19,668)
 
$
18.20
 
Restricted stock at December 31, 2013
 
227,064
 
$
18.61