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STOCK INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
The fair value of options granted was determined using the following weighted-average assumptions as of grant date:

The fair value of options granted was determined using the following weighted-average assumptions as of grant date:

 

                   
   2021   2020   2019 
Risk free interest rate   1.46%   0.63%   2.01%
Expected life (in years)   5.99    7.50    7.50 
Expected stock price volatility   34.18%   32.90%   33.13%
Dividend yield   4.00%   4.26%   4.28%
The following table presents a summary of the activity under the 2010, 2020 and 2021 Stock Incentive Plans for the years ended December 31:

The following table presents a summary of the activity under the 2010, 2020 and 2021 Stock Incentive Plans for the years ended December 31:

 

                                           
   2021   2020   2019 
   Shares   Weighted
Average
Exercise
Price		   Shares   Weighted
Average
Exercise
Price		   Shares   Weighted
Average
Exercise
Price		 
Outstanding, January 1   202,344   $14.89    86,097   $12.92    102,760   $11.86 
Granted   115,750    20.15    145,750    15.31    6,250    18.92 
Exercised   (22,305)   10.64    (19,298)   9.39    (22,163)   8.81 
Forfeited   (22,042)   15.07    (10,205)   15.19    (750)   18.92 
Outstanding, December 31   273,747   $17.50    202,344   $14.89    86,097   $12.92 
Exercisable at year end   7,804   $12.17    21,113   $9.77    27,459   $9.03 
The following table presents information pertaining to options outstanding at December 31, 2021.

The following table presents information pertaining to options outstanding at December 31, 2021. 

 

Exercise Price   Number of
Options
Outstanding		   Weighted
Average
Remaining
Contractual
Life		   Weighted
Average
Exercise
Price
of Options
Outstanding		   Intrinsic
Value of
Options
Outstanding		   Number of
Options
Exercisable		   Weighted
Average
Exercise
Price of
Options
Exercisable		   Intrinsic
Value of
Options
Exercisable		 
$9.18    1,149    0.50   $9.18   $10,548    1,149   $9.18   $12,409 
$12.26    3,992    2.58   $12.26   $48,942    2,395   $12.26   $18,490 
$12.40    969    2.00   $12.40   $12,016    775   $12.40   $5,876 
$13.05    8,712    3.33   $13.05   $113,692    3,485   $13.05   $24,148 
$15.21    116,250    8.33   $15.21   $1,768,163    —     $15.21   $—   
$16.73    10,000    8.33   $16.73   $167,300    —     $16.73   $—   
$18.23    32,450    6.25   $18.23   $591,564    —     $18.23   $—   
$19.00    2,750    8.33   $19.00   $52,250    —     $19.00   $—   
$19.82    7,225    8.33   $19.82   $143,200    —     $19.82   $—   
$20.04    20,250    9.59   $20.04   $405,810    —     $20.04   $—   
$21.10    70,000    9.33   $21.10   $1,477,000    —     $21.10   $—   
      273,747    8.13   $17.50   $4,790,485    7,804   $12.17   $60,923