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COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of award activity
The following table summarizes the activity for restricted stock for the years ended December 31, 2019, 2018 and 2017:  
 
2019
2018
2017
(shares in thousands)
Shares

Weighted-Average
Grant Date
Stock Price

Shares

Weighted-Average
Grant Date
Stock Price

Shares

Weighted-Average
Grant Date
Stock Price

Unvested beginning of year
606

$
48.56

634

$
35.68

644

$
22.15

Granted during the year
378

39.74

182

65.35

233

54.46

Vested during the year
(230
)
30.46

(209
)
23.98

(240
)
17.49

Forfeited during the year
(16
)
50.49

(1
)
57.93

(3
)
46.64


738

$
49.65

606

$
48.56

634

$
35.68
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of option activity
The following table summarizes the Company’s option activity during the years ended December 31, 2019, 2018 and 2017:
Years ended December 31
2019
2018
2017
(shares in thousands)
Shares

Weighted
Average
Exercise
Price

Shares

Weighted
Average
Exercise
Price

Shares

Weighted
Average
Exercise
Price



 
 
 
 
 
Outstanding beginning of year
545

$
44.35

548

$
44.07

288

$
23.59

Granted during the year
—

—

—

—

340

53.83

Forfeited during the year
—

—

—

—

—

—

Exercised during the year
(9
)
0.67

(3
)
0.78

(80
)
11.62

Outstanding end of year
536

$
45.11

545

$
44.35

548

$
44.07








Vested Options:






Vested during the year
115

$
50.46

115

$
50.46

30

$
40.95

Eligible end of year for exercise
336

$
41.07

230

$
34.72

118

$
18.36








Aggregate intrinsic value ($ in thousands):






Total options outstanding


$
4,398



$
1,570



$
13,932

Options exercisable


$
4,051



$
1,570



$
6,037

Options exercised


$
381



$
195



$
2,601














Weighted average fair value of options granted during the year


       N/A


N/A



$
17.76
Schedule of outstanding and exercisable options by exercise price
A summary of options outstanding and exercisable at December 31, 2019 is as follows: 
(shares in thousands)
Options Outstanding
Options Exercisable

Shares
Outstanding
Remaining Contractual
Life (years)
Exercise Price
Shares
Exercisable
Exercise
Price
2013 Grant:
 
 
 
 
 
Exercise price - $12.30
75

3.0
$
12.30

75

$
12.30

2016 Grant:
 
 
 
 
 
Exercise price - $40.95
121

5.8
$
40.95

91

$
40.95

2017 Grant:
 
 
 
 
 
Exercise price - $53.83
340

6.0
$
53.83

170

$
53.83
Schedule of Black-Scholes model for awards granted
The following table presents assumptions used in the Black-Scholes model for the stock options granted in 2017. There were no stock options granted in 2019 and 2018.
 
2017

Dividend rate
—

Risk-free interest rate
2.00
%
Expected option life (years)
5.75

Price volatility
30.84
%
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of option activity
The following table summarizes the Company’s SARS activity during the years ended December 31, 2019, 2018 and 2017:
Years ended December 31
2019
2018
2017
(shares in thousands)
Shares

Weighted
Average
Exercise
Price

Shares

Weighted
Average
Exercise
Price

Shares

Weighted
Average
Exercise
Price

Total SARS:

 
 
 
 
 
Outstanding beginning of year
535

$
54.53

535

$
54.53

270

$
32.29

Granted during the year
—

—

—

—

340

63.85

Forfeited during the year
—

—

—

—

—

—

Exercised during the year
—

—

—

—

(75
)
16.50

Outstanding end of year
535

$
54.53

535

$
54.53

535

$
54.53








Vested SARS:
 
 
 
 
 
 
Vested during the year
115

$
60.71

115

$
60.71

30

$
51.87

Eligible end of year for exercise
336

$
50.04

220

$
44.46

105

$
26.66






















Aggregate intrinsic value ($ in thousands):




 
 

Total SARS outstanding
 

$
3,190

 

$
983

 

$
8,458

SARS exercisable
 

$
3,066



$
983

 

$
4,521

SARS exercised
 

$
—

 

$
—

 

$
3,822














Weighted average fair value of SARS granted during the year


N/A



N/A



$
14.66
Schedule of outstanding and exercisable options by exercise price
A summary of SARS outstanding and exercisable at December 31, 2019 is as follows:  
 
SARS Outstanding
SARS Exercisable
(shares in thousands)
Shares
Outstanding
Remaining Contractual
Life (years)
Exercise
Price
Shares
Exercisable
Exercise
Price
2013 Grant:
 
 
 
 
 
Exercise price - $12.30
18

3.0
$
12.30

18

$
12.30

Exercise price - $14.75
19

3.0
14.75

19

14.75

Exercise price - $17.71
19

3.0
17.71

19

17.71

Exercise price - $21.25
19

3.0
21.25

19

21.25

2016 Grant:
 
 
 
 
 
Exercise price - $40.95
30

5.8
$
40.95

22

$
40.95

Exercise price - $47.51
30

5.8
47.51

23

47.51

Exercise price - $55.11
30

5.8
55.11

22

55.11

Exercise price - $63.93
30

5.8
63.93

23

63.93

2017 Grant:

 
 
 
 
Exercise price - $53.83
85

6.0
$
53.83

42

$
53.83

Exercise price - $60.03
85

6.0
60.03

43

60.03

Exercise price - $66.93
85

6.0
66.93

42

66.93

Exercise price - $74.63
85

6.0
74.63

43

74.63
Schedule of Black-Scholes model for awards granted
The following table presents assumptions used in the Black-Scholes model for the SARS granted in 2017. There were no SARS granted in 2019 and 2018. 
 
2017

Dividend rate
—

Risk-free interest rate
2.00
%
Expected option life (years)
5.75

Price volatility
30.84
%