STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

The estimated fair value of the Company’s ISO was determined using a Monte Carlo model, which was estimated using the following assumptions:



	10-Year Option			4.58-Year Option
Grant date	11/14/2014			11/14/2014
Expiration date	11/14/2024			6/14/2019
Grant date stock price	$	19.51		$	19.51
Historical volatility	35.00		%	28.85		%
Risk-free rate (annualized)	2.38		%	1.5		%
Dividend yield (annualized)	—		%	—		%

Summary of ISO Activity

A summary of ISO activity is as follows:



	ISO Awards		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (In Years)
Awards granted	453,333		$	19.51	6.6
Awards vested	(12,593	)	$	19.51	6.5
Outstanding and unvested at December 31, 2014	440,740		$	19.51	6.5

Summary of RSU and RSA Activity

A summary of RSU activity is as follows:



	RSU Shares		Weighted-Average Grant Date Fair Value Per Share
Outstanding and unvested at December 31, 2012	467,716		$	30.43
Granted	15,435		$	22.67
Vested	(13,716	)	$	21.87
Outstanding and unvested at December 31, 2013	469,435		$	30.43
Granted	142,131		$	19.81
Vested	(469,435	)	$	30.43
Outstanding and unvested at December 31, 2014	142,131		$	19.81

Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block]

A summary of SAR activity is as follows:



	SAR Shares		Weighted Average Exercise Price		Weighted Average Contractual Term Remaining (Years)
Outstanding and exercisable at December 31, 2012	1,812,079		$	36.16	3.5
Expired	(195,454	)	$	33.76
Outstanding and exercisable at December 31, 2013	1,616,625		$	36.45	2.5
Expired	(20,000	)	$	33.76
Outstanding and exercisable at December 31, 2014	1,596,625		$	36.49	1.5

Schedule of SAR Valuation Assumptions

The fair value of each SAR awarded was estimated on the grant date using a Black-Scholes option pricing model that uses various assumptions and estimates to calculate a fair value as described below.

Expected volatility was based on the actual trading volatility of the Company’s common stock. The Company uses historical experience to estimate expected forfeitures and estimated terms. The expected term of a SAR grant represents the period of time that the SAR is expected to be outstanding. The risk-free rate is the U.S. Treasury Bond yield that corresponds to the expected term of each SAR grant. Expected dividend yield is zero as the Company has not and does not foresee paying a dividend in the future. Forfeitures are estimated to be zero based on the strike price and expected holding period of the SAR.



Expected volatility	29% — 31%
Expected term	7 years
Risk-free rate	4.3% — 4.7%
Expected dividend yield	—	%
Expected forfeiture rate	—	%