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STOCK PLANS AND STOCK BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2019
STOCK PLANS AND STOCK BASED COMPENSATION  
Schedule of weighted average assumptions used to determine the fair value of stock options granted

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

1.85

%  

 

3.00

%  

 

2.07

%  

Expected dividend yield

 

 

2.25

%  

 

2.01

%  

 

2.41

%  

Expected stock price volatility

 

 

20.11

%  

 

18.59

%  

 

20.36

%  

Expected life of options (in years)

 

 

 5

 

 

 5

 

 

 5

 

Estimated fair value per share

 

$

7.12

 

$

8.09

 

$

5.46

 

 

Summary of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

    

 

    

Weighted

    

    

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

Options

 

Average

 

Remaining

 

Aggregate

 

 

 

Class A

 

Exercise

 

Contractual

 

Intrinsic

 

 

    

Shares

    

Price

    

Term

    

Value

  

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2018

 

295,000

 

$

24.68

 

 

 

 

 

 

Granted

 

165,000

 

 

48.08

 

 

 

 

 

 

Exercised

 

(3,500)

 

 

24.10

 

 

 

 

 

 

Forfeited or expired

 

(23,300)

 

 

26.51

 

 

 

 

 

 

Outstanding, December 31, 2018

 

433,200

 

$

33.50

 

3.15

 

$

3,786,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2019

 

433,200

 

$

33.50

 

 

 

 

 

 

Granted

 

5,500

 

 

47.02

 

 

 

 

 

 

Exercised

 

(100,600)

 

 

24.50

 

 

 

 

 

 

Forfeited or expired

 

(26,650)

 

 

36.00

 

 

 

 

 

 

Outstanding, December 31, 2019

 

311,450

 

$

36.43

 

2.73

 

$

3,449,454

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested

 

255,650

 

$

38.91

 

3.15

 

$

2,235,562

 

Exercisable (vested) at December 31, 2019

 

55,800

 

$

25.08

 

0.77

 

$

1,213,892

 

 

Schedule of intrinsic value and cash received from options exercised and weighted average fair value of options granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

    

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

Intrinsic value of options exercised

 

$

2,249

 

$

79

 

$

71

Cash received from options exercised, net of shares redeemed

 

 

(191)

 

 

83

 

 

68

 

Schedule of loan balances of non-executive officer employees that were originated to fund stock option exercises

 

 

 

 

 

 

 

 

December 31, (in thousands)

    

2019

    

2018

 

 

 

 

 

 

 

 

 

Outstanding loans

 

$

355

 

$

133

 

 

Summary of activity for non-vested restricted stock awards

 

 

 

 

 

 

 

 

    

Restricted

    

 

 

 

Stock Awards

 

Weighted-Average

 

 

Class A Shares

 

Grant Date Fair Value

Outstanding, January 1, 2018

 

41,610

 

$

21.18

Granted

 

48,323

 

 

40.16

Forfeited

 

(1,500)

 

 

19.85

Earned and issued

 

(37,323)

 

 

21.33

Outstanding, December 31, 2018

 

51,110

 

$

39.06

 

 

 

 

 

 

Outstanding, January 1, 2019

 

51,110

 

$

39.06

Granted

 

2,336

 

 

49.34

Forfeited

 

 —

 

 

Earned and issued

 

(12,336)

 

 

46.63

Outstanding, December 31, 2019

 

41,110

 

$

37.37

 

 

 

 

 

 

Unvested

 

41,110

 

$

37.37

 

Summary of PSU activity

 

 

 

 

 

 

 

 

Performance

 

 

 

 

 

Stock Units

 

Weighted-Average

 

 

Class A Shares

 

Grant Date Fair Value

Outstanding, January 1, 2018

 

48,500

 

$

23.08

Granted

 

 —

 

 

Forfeited

 

(2,500)

 

 

23.08

Earned and issued

 

 

 

Outstanding, December 31, 2018

 

46,000

 

$

23.08

 

 

 

 

 

 

Outstanding, January 1, 2019

 

46,000

 

$

23.08

Granted

 

 —

 

 

Forfeited

 

 —

 

 

Earned and issued

 

(23,000)

 

 

23.08

Outstanding, December 31, 2019

 

23,000

 

$

23.08

 

 

 

 

 

 

Vested at December 31, 2019

 

23,000

 

$

23.08

 

Schedule of expenses recorded related to stock options and restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands)

 

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

$

364

 

$

265

 

$

227

 

Restricted stock award expense

 

 

728

 

 

630

 

 

424

 

Performance stock unit expense

 

 

(57)

 

 

106

 

 

491

 

Total expense

 

$

1,035

 

$

1,001

 

$

1,142

 

 

Schedule of estimated unrecognized stock option and restricted stock award expense related to unvested options and awards (net of estimated forfeitures)

 

 

 

 

 

 

 

 

 

 

 

 

    

Stock 

    

 

Restricted

 

 

 

Year (in thousands)

 

Options

 

 

Stock Awards

Total

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

304

 

$

261

 

$

565

 

2021

 

 

277

 

 

261

 

 

538

 

2022

 

 

240

 

 

237

 

 

477

 

2023

 

 

106

 

 

119

 

 

225

 

2024

 

 

 5

 

 

16

 

 

21

 

2025 and beyond

 

 

 —

 

 

 —

 

 

 —

 

Total

 

$

932

 

$

894

 

$

1,826

 

 

Schedule of employee stock purchase plan

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands)

 

 

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

ESPP expense

 

 

$

49

 

$

23

 

$

 —

 

Director  
STOCK PLANS AND STOCK BASED COMPENSATION  
Schedule of information on deferred compensation shares reserved for the periods

 

 

 

 

 

 

 

 

Outstanding

 

Weighted-Average  

 

 

Stock

 

Market Price

 

    

Units

    

at Date of Deferral

Outstanding, January 1, 2018

 

63,898

 

$

24.08

Deferred fees and dividend equivalents converted to stock units

 

5,081

 

 

41.82

Stock units converted to Class A Common Shares

 

(2,835)

 

 

23.94

Outstanding, December 31, 2018

 

66,144

 

$

25.45

 

 

 

 

 

 

Outstanding, January 1, 2019

 

66,144

 

$

25.45

Deferred fees and dividend equivalents converted to stock units

 

6,397

 

 

46.76

Stock units converted to Class A Common Shares

 

(5,178)

 

 

23.18

Outstanding, December 31, 2019

 

67,363

 

$

27.65

 

 

 

 

 

 

Vested

 

67,363

 

$

27.65

 

Schedule of deferred compensation expenses

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands)

 

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

Director deferred compensation expense

 

$

213

 

$

215

 

$

191

 

Key Employees  
STOCK PLANS AND STOCK BASED COMPENSATION  
Schedule of information on deferred compensation shares reserved for the periods

 

 

 

 

 

 

 

 

Outstanding

 

Weighted-Average  

 

 

Stock

 

Market Price

 

 

Units

 

at Date of Deferral

Outstanding, January 1, 2018

 

 —

 

$

Deferred base salaries and dividend equivalents converted to stock units

 

4,630

 

 

43.09

Matching stock units credited

 

4,992

 

 

43.09

Matching stock units forfeited

 

(362)

 

 

42.99

Stock units converted to Class A Common Shares

 

 —

 

 

Outstanding, December 31, 2018

 

9,260

 

$

43.09

 

 

 

 

 

 

Outstanding, January 1, 2019

 

9,260

 

$

43.09

Deferred base salaries and dividend equivalents converted to stock units

 

7,059

 

 

45.84

Matching stock units credited

 

7,059

 

 

45.84

Matching stock units forfeited

 

 —

 

 

Stock units converted to Class A Common Shares

 

 —

 

 

Outstanding, December 31, 2019

 

23,378

 

$

41.75

 

 

 

 

 

 

Vested

 

14,953

 

$

41.75

Unvested

 

8,425

 

$

41.75

 

Schedule of deferred compensation expenses

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands)

 

 

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

Key-employee - base salary

 

 

$

319

 

$

215

 

$

 —

Key-employee - employer match

 

 

 

49

 

 

215

 

 

 —

Total

 

 

$

368

 

$

430

 

$

 —