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Stock-Based Compensation Plan (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Fair Value Assumptions Stock Options
A summary of stock option activity under the 2009 Plan as of and for the nine months ended September 30, 2017 and 2016 is presented as follows:
 
For the Nine Months Ended September 30,
 
2017
 
2016
Expected life of options granted, in years
4.42

 
4.33

Risk-free interest rate
1.49
%
 
1.26
%
Expected volatility of stock
29.64
%
 
29.67
%
Annual expected dividend yield
3.00
%
 
3.00
%
Fair value of granted options
$
806,422

 
$
433,479

Non-vested options
316,946

 
303,539
Stock Options Outstanding Activity
The following table summarizes options outstanding under the 2009 Plan for the nine months ended September 30, 2017 and 2016:  
 
September 30, 2017
 
Number of Options
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value
Outstanding at beginning of period
481,381

 
$
16.52

 
2.50
 
$
5,412,143

Granted
130,600

 
27.76

 
4.42
 
—

Exercised
(143,092
)
 
14.40

 
0.95
 
1,815,112

Lapsed or canceled
(3,720
)
 
15.69

 
1.44
 
—

Outstanding September 30, 2017
465,169

 
$
20.34

 
2.82
 
$
3,872,525

Exercisable at September 30, 2017
148,223

 
$
16.51

 
1.51
 
$
1,801,644



 
September 30, 2016
 
Number of Options
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value
Outstanding at beginning of period
407,832

 
$
15.33

 
2.81
 
$
2,091,196

Granted
122,050

 
18.39

 
4.33
 
—

Exercised
(41,351
)
 
12.18

 
1.02
 
301,198

Lapsed or canceled
(8,700
)
 
16.16

 
2.59
 
—

Outstanding September 30, 2016
479,831

 
$
16.37

 
2.72
 
$
3,614,016

Exercisable at September 30, 2016
176,292

 
$
14.43

 
1.67
 
$
1,669,471