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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of weighted average assumptions for valuing stock option grants
The weighted average assumptions used in the model for valuing stock option grants were as follows.
 
2018
 
2017
 
2016
Dividend yield
—
%
 
—
%
 
—
%
Expected volatility
25
%
 
25
%
 
25
%
Risk-free interest rate
2.61
%
 
2.14
%
 
1.52
%
Expected average life
7 years

 
7 years

 
7 years

Weighted average per share fair value of options
$
17.36

 
$
15.80

 
$
11.04
Schedule of stock incentive plans for options
A summary of the Company’s stock option activity is summarized below.
Stock Options
Option Shares
Outstanding
 
Weighted
Average
Exercise Price
 
Weighted Average Remaining Life (Years)
 
Aggregate Intrinsic Value (in thousands)
Outstanding – December 31, 2015
746,004

 
$
21.56

 
 
 
 
Granted
170,500

 
36.86

 
 
 
 
Options assumed in acquisition
91,701

 
21.03

 
 
 
 
Exercise of stock options *
(84,723
)
 
20.98

 
 
 
 
Forfeited
(1,456
)
 
21.71

 
 
 
 
Outstanding – December 31, 2016
922,026

 
$
24.39

 
5.4
 
$
21,483

Granted
949,500

 
49.93

 
 
 
 
Exercise of stock options *
(209,371
)
 
18.15

 
 
 
 
Forfeited
(18,900
)
 
35.36

 
 
 
 
Outstanding – December 31, 2017
1,643,255

 
$
39.82

 
8.1
 
$
24,525

Granted
15,500

 
52.76

 
 
 
 

Exercise of stock options *
(70,556
)
 
21.52

 
 
 
 

Forfeited
(6,500
)
 
39.43

 
 
 
 

Outstanding – December 31, 2018
1,581,699

 
$
40.77

 
7.4
 
$
13,825

Exercisable – December 31, 2018
599,011

 
$
32.77

 
6.3
 
$
9,798

*The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 6,411 shares, 85,422 shares, and 10,244 shares were surrendered during 2018, 2017, and 2016, respectively.
Schedule of tax withholding requirements options of outstanding
The following options were outstanding at December 31, 2018.
 
Number of Shares
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining Life (Years)
 
Outstanding
 
Exercisable
 
Outstanding
 
Exercisable
 
Outstanding
 
Exercisable
$9.19 – $20.00
99,267

 
85,579

 
$
16.39

 
$
16.38

 
2.0
 
1.8
$20.01 – $25.00
202,268

 
160,468

 
23.77

 
23.77

 
5.8
 
5.8
$25.01 – $30.00
142,294

 
87,494

 
25.97

 
26.01

 
6.1
 
6.1
$30.01 – $40.00
180,370

 
77,070

 
35.95

 
35.41

 
7.4
 
7.3
$40.01 – $56.43
957,500

 
188,400

 
49.99

 
49.94

 
8.5
 
8.4
 
1,581,699

 
599,011

 
$
40.77

 
$
32.77

 
7.4
 
6.3
Schedule of restricted stock
A summary of the Company’s restricted stock activity is summarized below.
Restricted Stock
Restricted
Shares
Outstanding
 
Weighted
Average Grant
Date Fair  Value
Outstanding – December 31, 2015
36,690

 
$
18.70

Granted
31,466

 
33.68

Vested *
(25,207
)
 
23.58

Forfeited
—

 
—

Outstanding – December 31, 2016
42,949

 
$
26.80

Granted
9,240

 
57.75

Vested *
(20,514
)
 
29.87

Forfeited
(755
)
 
16.50

Outstanding – December 31, 2017
30,920

 
$
34.26

Granted
18,256

 
52.55

Vested *
(19,661
)
 
43.58

Forfeited
(3
)
 
16.50

Outstanding – December 31, 2018
29,512

 
$
39.37


*The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding at the minimum statutory withholding rate, and accordingly 3,948 shares, 5,266 shares, and 7,851 shares were surrendered during 2018, 2017, and 2016, respectively.