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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2017

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

The activity in the Director Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2017		From Inception to December 31, 2017
Beginning balance	74,771		300,000
Number of awards granted	(12,958	)	(262,190	)
Number of awards forfeited or expired	—		24,003
Ending balance	61,813		61,813
Number of option awards exercised	36,808		89,281
Number of restricted stock awards vested	22,716		54,272

The activity in the Stock Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2017		From Inception to December 31, 2017
Beginning balance	1,248,651		1,900,000
Additional shares authorized	—		1,500,000
Number of awards granted	(259,405	)	(2,871,971	)
Number of awards forfeited or expired	7,582		468,799
Ending balance	996,828		996,828
Number of option awards exercised	136,827		1,085,895
Number of unrestricted stock awards granted	1,145		8,470
Number of restricted stock awards vested	1,198		38,168

Recognition of Stock-Based Compensation Expense

We expect this compensation to be recognized in subsequent years according to the following table, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated.



2018	$	4,028
2019	2,776
2020	1,116
2021	390
2022	40
Total	$	8,350

Analysis of Award Activity

The analysis below details the award activity for 2017 and the awards outstanding at December 31, 2017, for both of our plans and ad hoc options, which were granted prior to the adoption of the other plans:



Options	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Life (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2017	1,120,677		$	29.08
Granted	159,709		41.75
Exercised	(173,635	)	27.52
Forfeited or expired	(5,700	)	28.66
Outstanding at December 31, 2017	1,101,051		$	31.16	6.52	$	15,875
Exercisable at December 31, 2017	495,089		$	26.77	3.22	$	9,311

Schedule of Restricted Stock Award Activity

The analysis below details the award activity for the restricted stock and restricted stock unit awards outstanding at December 31, 2017:



Restricted stock awards	Shares		Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2017	182,086		$	34.08
Granted	111,509		41.94
Vested	(23,914	)	36.77
Forfeited	(1,882	)	40.27
Non-vested at December 31, 2017	267,799		$	37.07

Weighted-average Grant-Date Fair Value Assumptions

The weighted-average grant-date fair value of the options granted under our plans has been estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:



December 31,	2017			2016			2015
Risk-free interest rate	2.23		%	1.53		%	1.94		%
Expected volatility	27.58		%	25.44		%	21.92		%
Expected option life (in years)	7			7			7
Expected dividends (in dollars)	$	1.00		$	0.88		$	0.80
Weighted-average grant-date fair value of options granted during the year (in dollars)	$	9.93		$	8.42		$	4.98

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2017:



				Options Outstanding				Options Exercisable
Range of Exercise Prices				Number Outstanding (in shares)	Weighted-Average Remaining Contractual Life (in years)	Weighted-Average Exercise Price		Number Exercisable (in shares)	Weighted-Average Exercise Price
$	15.01	-	21.00	100,805	3.23	$	20.24	100,805	$	20.24
21.01		-	28.00	159,478	4.52	23.38		127,077	23.23
28.01		-	35.00	508,630	6.42	29.49		235,833	29.74
35.01		-	43.00	332,138	8.63	40.77		31,374	39.84
$	15.01	-	43.00	1,101,051	6.52	$	31.16	495,089	$	26.77