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SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2012
SHAREHOLDERS' EQUITY [Abstract]  
Options Valuation Assumptions
The Company uses the Black-Scholes pricing model to estimate the fair value of each option granted with the following weighted average assumptions:

Valuation Assumptions
 
2010
 
 
2011
 
 
2012
 
 
 
 
 
 
 
 
 
 
Expected life (1)
 
 
3.4
 
 
 
3.0
 
 
 
5.1
 
Risk-free interest rate (2)
 
 
1.62
%
 
 
1.25
%
 
 
0.88
%
Expected volatility (3)
 
 
59
%
 
 
57
%
 
 
50
%
Expected dividend yield
 
 
4.50
%
 
 
4.46
%
 
 
4.91
%
Expected forfeiture (4)
 
 
8.49
%
 
 
10.50
%
 
 
1.26
%
 
(1)
The expected life, in years, of stock options is estimated based on historical experience.
(2)
The risk-free interest rate is based on U.S. Treasury bills whose term is consistent with the expected life of the stock options.
(3)
The expected volatility is estimated based on historical and current stock price data for the Company.
(4)
Forfeitures are estimated based on historical experience.
Summary of Option Activity
A summary of stock option activity as of December 31, 2010, 2011 and 2012, and changes during the years then ended, are presented below:

Number of
Options/
Warrants
Weighted-
Average
Exercise
Price
Range of
Exercise Prices
Weighted-
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
(thousands)
Balance at December 31, 2009
393,251
$
16.28
$
9.66 - $21.85
3.2
$
879
Granted
65,000
$
15.62
$
15.22 - $17.13
Exercised
(81,063
)
$
10.91
$
9.66 - $17.81
Canceled
(63,750
)
$
19.15
$
15.22 - $19.37
Balance at December 31, 2010
313,438
$
16.95
$
9.66 - $21.85
3.6
$
853
Granted
147,000
$
19.72
$
19.03 - $19.75
Exercised
(43,749
)
$
12.94
$
9.66 - $19.40
Canceled
(6,000
)
$
14.60
$
11.50 - $15.22
Balance at December 31, 2011
410,689
$
18.41
$
10.20 - $21.85
4
$
219
Granted
132,000
$
17.97
$
16.50 - $18.39
Exercised
(34,422
)
$
14.35
$
10.20 - $17.61
Canceled
(30,500
)
$
17.61
$
17.61 - $17.61
Balance at December 31, 2012
477,767
$
18.63
$
10.75 - $21.85
4.3
$
223
Exercisable at December 31, 2010
193,541
$
17.60
$
9.66 - $21.85
3.0
$
429
Exercisable at December 31, 2011
204,691
$
18.43
$
10.20 - $21.85
2.4
$
152
Exercisable at December 31, 2012
224,437
$
19.21
$
10.75 - $21.85
3.1
$
126
Stock Option Plans, by Exercise Price Range
The following table summarizes information about the options outstanding at December 31, 2012:

 
 
 
Options Outstanding
 
 
Options Exercisable
 
Range of Exercise
Prices
 
 
Number of
Options
Outstanding at
December 31,
2012
 
 
Weighted
Average
Remaining
Contractual
Life
 
 
Weighted
Average
Exercise Price
 
 
Number of
Options
Exercisable at
December 31,
2012
 
 
Weighted
Average
Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
8.74 — 10.92
 
 
 
14,000
 
 
 
1.2
 
 
$
10.75
 
 
 
14,000
 
 
 
10.75
 
 
10.93 — 13.11
 
 
 
6,667
 
 
 
2.8
 
 
 
11.50
 
 
 
6,667
 
 
 
11.50
 
 
13.12 — 15.29
 
 
 
34,000
 
 
 
2.1
 
 
 
15.22
 
 
 
-
 
 
 
-
 
 
15.30 — 17.48
 
 
 
55,000
 
 
 
5.7
 
 
 
16.52
 
 
 
8,667
 
 
 
17.13
 
 
17.49 — 19.66
 
 
 
124,600
 
 
 
5.5
 
 
 
18.57
 
 
 
44,267
 
 
 
18.81
 
 
19.67 — 21.85
 
 
 
243,500
 
 
 
3.8
 
 
 
20.26
 
 
 
150,836
 
 
 
20.57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
8.74 — 21.85
 
 
 
477,767
 
 
 
4.3
 
 
$
18.63
 
 
 
224,437
 
 
$
19.21