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SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2013
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:
 
 
For years ended December 31,
 
Valuation Assumptions
 
2011
  
2012
  
2013
 
      
Expected life (1)
  
3.0
   
5.1
   
5.0
 
Risk-free interest rate (2)
  
1.25
%
  
0.88
%
  
0.90
%
Expected volatility (3)
  
57
%
  
50
%
  
50
%
Expected dividend yield
  
4.46
%
  
4.91
%
  
5.05
%
Expected forfeiture (4)
  
10.50
%
  
1.26
%
  
17.77
%
 
____________________________
(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, 2011, 2012 and 2013, 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, 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
 
Granted
  
89,000
  
$
17.41
  
$
17.25 - $18.95
         
Exercised
  
(53,501
)
 
$
18.27
  
$
10.75 - $20.02
         
Canceled
  
(30,433
)
 
$
18.00
  
$
15.22 - $20.02
         
                    
Balance at December 31, 2013
  
482,833
  
$
18.48
  
$
10.75 - $21.85
   
3.9
  
$
214
 
                    
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
 
                    
Exercisable at December 31, 2013
  
276,169
  
$
18.95
  
$
10.75 - $21.85
   
2.9
  
$
152
 
Stock Option Plans, by Exercise Price Range
The following table summarizes information about the options outstanding at December 31, 2013:

  
Options Outstanding
  
Options Exercisable
 
Range of Exercise Prices
  
Number of Options Outstanding at December 31, 2013
  
Weighted Average Remaining Contractual Life
  
Weighted Average Exercise Price
  
Number of Options Exercisable at December 31, 2013
  
Weighted Average Exercise Price
 
$
8.74 — 10.92
   
10,000
   
0.2
  
$
10.75
   
10,000
   
10.75
 
 
10.93 — 13.11
   
6,667
   
1.8
   
11.50
   
6,667
   
11.50
 
 
13.12 — 15.29
   
21,000
   
1.1
   
15.22
   
8,000
   
15.22
 
 
15.30 — 17.48
   
106,000
   
5.5
   
16.87
   
27,002
   
16.42
 
 
17.49 — 19.66
   
132,000
   
5.4
   
18.32
   
55,333
   
18.47
 
 
19.67 — 21.85
   
207,166
   
2.7
   
20.34
   
169,167
   
20.47
 
                       
$
8.74 — 21.85
   
482,833
   
3.9
  
$
18.48
   
276,169
  
$
18.95