STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of changes in unvested restricted stock

The following is a summary of changes in unvested restricted stock:

	RSAs		Weighted-Average Price
Unvested shares at December 31, 2018	280,315		$	34.73
2019 Activity:
Granted	287,550		33.54
Vested	(164,423	)	34.59
Forfeited	(2,000	)	34.48
Unvested shares at December 31, 2019	401,442		$	33.93

Summary of SARS Activity

The following is a summary of the 2019 activity: 

	SARs		Weighted-Average Price
Outstanding SARs at December 31, 2018	3,060,000		$	24.29
2019 Activity:
Granted	500,000		32.81
Exercised	(1,479,968	)	33.00
Outstanding SARs at December 31, 2019	2,080,032		$	20.14

Schedule of assumptions used to estimate the value of stock options under ESPP

Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:

	2019		2018		2017
Risk-free interest rate	2.5	%	2.6	%	2.1	%
Expected years to exercise	5 years		5 years		5 years
Expected volatility	33.8	%	36.2	%	37.0	%
Annual dividend yield	2.5	%	2.1% - 2.2%		2.0	%