Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Summary of Shares Issued and Available Under Each Plans

A summary of the shares issued and available under each of the Plans is shown below as of June 30, 2019. Share data and exercise price range per share have been adjusted to reflect the 5% Stock Dividend. Although the 2005 Plan has expired and no new grants will be issued under this plan, there were options issued before the plan expired which are still outstanding as shown below.

	2005 Plan			2014 Plan
Aggregate shares issuable		253,575			275,625
Options or shares issued, net of forfeited and expired options		(59,870	)		(80,055	)
Cancelled due to Plan expiration		(193,705	)		-
Remaining available for grant		-			195,570
Grants issued and outstanding:
Total vested and unvested shares		1,379			67,415
Fully vested shares		1,379			13,182
Exercise price range	$	13.69 to		$	27.39 to
	$	13.69		$	42.62

Summary of Stock Option Activity

Changes in the stock options outstanding related to all of the Plans are summarized below. Share and per share data have been adjusted to reflect the 5% Stock Dividend. (Dollars in thousands except per share data):

	June 30, 2019
			Weighted Average			Aggregate
	Number of Options		Exercise Price			Intrinsic Value
Outstanding at January 1, 2019	86,611		$	36.21
Issued	420			36.19
Exercised	(5,975	)		(17.04	)	$	120
Expired	(12,262	)		16.56
Outstanding at June 30, 2019	68,794		$	41.37		$	43
Options exercisable at June 30, 2019	14,561		$	39.49		$	33

Schedule of Fair Value Assumptions

The fair value of any grant is estimated at the grant date using the Black-Scholes pricing model. Stock option grants for 420 and 65,888 shares, as adjusted for the 5% Stock Dividend, were issued during the first six months of 2019 and 2018, respectively. The fair value of each option granted in 2019 was estimated based on the assumptions noted in the following table:

	For the six months ended
	June 30, 2019
Expected volatility1	16.88	%
Expected dividends2	3.24	%
Expected term (in years)3	6.50
Risk-free rate4	1.83	%

1	Based on the monthly historical volatility of the Company’s stock price over the expected life of the options.
2	Calculated as the ratio of historical dividends paid per share of common stock to the stock price on the date of grant.
3	Based on the average of the contractual life and vesting period for the respective option.
4	Based upon an interpolated US Treasury yield curve interest rate that corresponds to the contractual life of the option, in effect at the time of the grant.

Schedule of Options Outstanding and Exercisable, by Exercise Price Range

Summary information pertaining to options outstanding at June 30, 2019 is shown below. Share and per share data have been adjusted to reflect the 5% Stock Dividend.

	Options Outstanding				Options Exercisable
		Weighted-	Weighted-			Weighted-
	Number of	Average	Average		Number of	Average
	Options	Remaining	Exercise		Options	Exercise
Exercise Price	Outstanding	Contractual Life	Price		Exercisable	Price
$10.65 to $20.00	1,386	3.6 Years	$	13.70	1,386	$	13.70
$20.01 to $30.00	1,107	7.7 Years		27.39	4		26.18
$30.01 to $40.00	8,820	8.9 Years		39.36	1,680		39.52
$40.01 to $42.62	57,481	8.9 Years		42.62	11,491		42.62
Total	68,794	8.8 Years	$	41.37	14,561	$	39.49