XML 40 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
Schedule of Weighted-Average Assumptions Used To Estimate the Fair Value of Options Granted
The following table presents the weighted-average assumptions used to estimate the fair value of options granted in 2017, 2016 and 2015:

 
2017
 
2016
 
2015
Expected annual dividend yield
2.4
%
 
%
 
%
Risk-free interest rate
2.26
%
 
1.64
%
 
1.73
%
Expected volatility
48.9
%
 
44.4
%
 
40.2
%
Expected life in years
4.00

 
7.10

 
6.30

Schedule of Outstanding and Exercisable Options
The following table summarizes information concerning outstanding and exercisable options:

 
Weighted Average
 
2017
 
2016
 
2015
 
Shares
 
Weighted
Avg. Exercise
Price
 
Shares
 
Weighted
Avg. Exercise
Price
 
Shares
 
Weighted
Avg. Exercise
Price
Outstanding at beginning of year
1,410,250

 
$
12.57

 
954,625

 
$
15.98

 
1,127,250

 
$
16.12

Granted
10,000

 
$
24.36

 
670,000

 
$
8.43

 
25,000

 
$
10.62

Exercised
(138,450
)
 
$
13.49

 

 
$

 
(4,000
)
 
$
6.30

Cancelled or expired
(280,500
)
 
$
16.04

 
(214,375
)
 
$
14.86

 
(193,625
)
 
$
16.29

Outstanding at end of year
1,001,300

 
$
11.58

 
1,410,250

 
$
12.57

 
954,625

 
$
15.98

 
 
 
 
 
 
 
 
 
 
 
 
Options exercisable at year end
588,802

 
 

 
750,250

 
 

 
832,125

 
 

Weighted average fair value per option granted during the year
$
10.69

 
 

 
$
3.94

 
 

 
$
4.44

 
 

Schedule of Options Vested and Exercisable or Nonvested, Expected to Vest (Nonvested Outstanding Less Expected Forfeitures)
The following table summarizes information about options vested and exercisable or nonvested that are expected to vest (nonvested outstanding less expected forfeitures) at December 31, 2017:

Range of Exercise Prices
 
Number
Exercisable
 
Weighted
Average
Exercise
Price
 
Weighted Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value (in
millions)
$
5.00

to
$
10.00

 
505,738

 
$
8.53

 
8.34
 
$
12.5

$
10.01

to
$
15.00

 
306,375

 
$
13.00

 
2.63
 
6.2

$
15.01

to
$
20.00

 
156,600

 
$
18.32

 
4.47
 
2.3

$
20.01

to
$
24.36

 
10,000

 
$
24.36

 
9.61
 
0.1

$
5.00

to
$
24.36

 
978,713

 
$
11.66

 
5.94
 
$
21.1

Schedule of Unvested Stock Options
The following table reflects the activity for all unvested stock options during 2017:

 
Shares
 
Weighted
Average Grant-
Date Fair Value
Unvested at January 1, 2017
660,000

 
$
4.02

Granted
10,000

 
$
10.69

Vested
(176,252
)
 
$
4.84

Forfeited
(81,250
)
 
$
3.21

Unvested at December 31, 2017
412,498

 
$
4.93