STOCK-BASED COMPENSATION PLANS (Tables)

6 Months Ended

Jun. 30, 2014

STOCK-BASED COMPENSATION PLANS [Abstract]

The Company uses the Black-Scholes option-pricing model to estimate the fair value of each option granted with the following weighted average assumptions:

	Quarters Ended						Six Months Ended
	June 30,						June 30,
Valuation Assumptions	2013			2014			2013			2014

Expected life ⁽¹⁾		5.00			5.00			5.00			5.00
Risk-free interest rate ⁽²⁾		0.84	%		1.50	%		0.85	%		1.50	%
Expected volatility ⁽³⁾		50	%		37	%		50	%		37	%
Expected dividend yield		5.08	%		4.94	%		5.07	%		4.94	%
Expected forfeiture ⁽⁴⁾		17.72	%		20.00	%		17.72	%		20.00	%

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⁽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 option activity as of June 30, 2014, and changes during the six months then ended, is presented below:

	Number of Options			Weighted-Average Exercise Price		Range of Exercise Prices		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (thousands)
Outstanding at January 1, 2014		482,833		$	18.48	$	10.75 - $21.85		3.9	$	214
Granted		7,000		$	17.71	$	17.50 - $17.80
Exercised		(10,000	)	$	10.75	$	10.75 - $10.75
Cancelled		(26,000	)	$	20.32	$	17.25 - $21.85

Outstanding at June 30, 2014		453,833		$	18.54	$	11.50 - $21.00		3.6	$	212

Exercisable at June 30, 2014		337,834		$	18.91	$	11.50 - $21.00		3.0	$	145