STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2018

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

Assumptions incorporated in determination of the estimated fair value of the PBO

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

	2014 10-Year Option
Grant date	11/14/2014
Expiration date	11/14/2024
Grant date stock price	$	19.51
Historical volatility	35.00		%
Risk-free rate (annualized)	2.38		%
Dividend yield (annualized)	—		%
PBO granted	167,619
Weighted average grant date fair value	$	6.51
Fair value of award on grant date	$	1,475,705

Summary of PBO activity

A summary of PBO activity was as follows:

	Performance-Based Options		Weighted-Average Exercise Price Per Share
Outstanding at December 31, 2016	453,333		$	19.51
Granted	—
Forfeited	(285,714	)	$	19.51
Outstanding at December 31,2017	167,619		$	14.51
Granted	—
Forfeited	—
Outstanding at December 31, 2018	167,619		$	14.51

	Performance-Based Options		Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term Remaining (Years)	Aggregate Intrinsic Value
Vested at December 31, 2016	402,117		$	19.51	4.5	$	—
Vested	51,216
Forfeited	(285,714	)
Vested at December 31, 2017 (1)	167,619		$	14.51	6.9	$	—
Vested	—
Forfeited	—
Vested at December 31, 2018	167,619		$	14.51	5.9	$	—

⁽¹⁾ In November 2017, the exercise price per share of the PBO was reduced to reflect the special dividend paid to shareholders.

Summary of RSU activity

A summary of RSU activity was as follows:

	RSU Shares		Weighted-Average Grant Date Fair Value Per Share
Outstanding and unvested at December 31, 2016	48,232		$	14.85
Granted	54,186		$	15.01
Vested	(71,944	)	$	14.58
Forfeited	(19,999	)	$	13.82
Outstanding and unvested at December 31, 2017	10,475		$	19.51
Granted	19,716		$	12.59
Vested	(30,191	)	$	14.99
Forfeited	—		$	—
Outstanding and unvested at December 31, 2018	—		$	—