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STOCK-BASED COMPENSATION PLANS (Tables)
 3 Months Ended
Mar. 31, 2017
STOCK-BASED COMPENSATION PLANS [Abstract]  
Estimated Fair Value Option Granted
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
March 31,
 
Valuation Assumptions
 
2016
  
2017
 
       
Expected life (1)
  
3.3
   
4.0
 
Risk-free interest rate (2)
  
1.21
%
  
1.85
%
Expected volatility (3)
  
39
%
  
51
%
Expected dividend yield
  
7.81
%
  
0.00
%
Expected forfeiture (4)
  
27.00
%
  
30.00
%
 
(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 March 31, 2017, and changes during the quarter 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, 2017
  
465,666
  
$
15.94
  
$
10.04 - $19.75
   
3.6
  
$
654
 
Granted
  
35,000
  
$
12.56
  
$
12.25 - $14.45
         
                     
Outstanding at March 31, 2017
  
500,666
  
$
15.70
  
$
10.04 - $19.75
   
3.6
  
$
254
 
                     
Exercisable at March 31, 2017
  
355,165
  
$
17.00
  
$
10.04 - $19.75
   
2.8
  
$
66