STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION [Abstract]

Restricted Stock Activity Under Omnibus Plan [Table Text Block]

The following table summarizes the restricted stock activity under the Omnibus Plan during the quarters ended March 31, 2023

and 2022:

Quarter ended

Quarter ended

March 31, 2023

March 31, 2022

Number of

Weighted-

Number of

Weighted-

shares of

Average

shares of

Average

restricted

Grant Date

restricted

Grant Date

stock

 Fair Value

stock

 Fair Value

Unvested shares outstanding at beginning of year

938,491

$

9.14

1,148,775

$

6.61

Granted

(1)

495,891

11.99

299,440

13.15

Forfeited

(25,415)

9.98

(3,092)

6.69

Vested

(481,536)

5.93

(487,198)

5.72

Unvested shares outstanding at end of period

927,431

$

12.32

957,925

$

9.10

(1)

For the quarter ended March 31, 2023, includes

3,502

 shares of restricted stock awarded to independent directors and

492,389

 shares of restricted stock awarded to employees, of which

33,718

 shares were granted to retirement-eligible employees and thus charged to earnings as of the grant date. Includes for the quarter ended March 31, 2022,

3,048

 shares of restricted

stock awarded to independent directors and

296,392

 shares of restricted stock awarded to employees, of which

6,084

 shares were granted to retirement-eligible employees and thus

charged to earnings as of the grant date.

Summary Of Performance Units Activity [Table Text Block]

Quarter ended

Quarter ended

March 31, 2023

March 31, 2022

Number 

Weighted -

Number 

Weighted -

of

Average

of

Average

Performance

Grant Date

Performance

Grant Date

Units

Fair Value

Units

Fair Value

Performance units at beginning of year

791,923

7.36

814,899

7.06

Additions

(1)

216,876

12.24

166,669

13.15

Vested

(2)

(474,538)

4.08

(189,645)

11.16

Performance units at end of period

534,261

12.25

791,923

7.36

(1)

Units granted during the quarter ended March 31, 2023 are based on the achievement of the Relative TSR and TBVPS performance goals during a three-year performance cycle beginning

January 1, 2023 and ending on December 31, 2025. Units granted during the quarter ended March 31, 2022 are based on the TBVPS achievement of the performance goal during a three-

year performance cycle beginning January 1, 2022 and ending on December 31, 2024.

(2)

Units vested during the quarter ended March 31, 2023 are related to performance units granted in 2020 that met the pre-established target and were settled with shares of common stock

reissued from treasury shares. Units vested during the quarter ended March 31, 2022 are related to performance units granted in 2019 that met the pre-established target and were settled

with shares of common stock reissued from treasury shares.

Summary Of Valuation Assumptions [Table Text Block]

Quarter Ended

March 31, 2023

Risk-free interest rate

(1)

3.98

%

Correlation coefficient

77.16

Expected dividend yield

(2)

-

Expected volatility

(3)

41.37

Expected life (in years)

2.79

(1)

Based on the yield on zero-coupon U.S. Treasury STRIPS as of the grant date.

(2)

Assumes that dividends are reinvested at each ex-dividend date.

(3)

Calculated based on the historical volatility of each company's stock price with a look-back period equal to the simulation term using daily stock prices.