Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Stock Based Compensation Activity

A summary of activity during the years ended December 31, 2013 and 2012, is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Fair Value Per Share
Outstanding at December 31, 2011		9,317		$	23.13
Granted		—			—
Vested		—			—
Forfeited/Expired		(1,417	)		23.13
Outstanding at December 31, 2012		7,900			23.13
Granted		—			—
Vested		—			—
Forfeited/Expired		(2,833	)		23.13
Outstanding at December 31, 2013		5,067		$	23.13

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for these awards during the years ended December 31, 2013 and 2012, is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at December 31, 2011		96,000		$	18.47
Granted		17,000			18.02
Vested		—			—
Forfeited/Expired		—			—
Outstanding at December 31, 2012		113,000			18.40
Granted		—			—
Vested		(18,500	)		23.89
Forfeited/Expired		—			—
Outstanding at December 31, 2013		94,500		$	17.33

Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award

A summary of the activity for these awards during the years ended December 31, 2013 and 2012, is presented below:

Non-Qualified Stock Option Awards	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		50,000		$	28.90
Granted		10,000			29.34
Exercised		—			—
Forfeited/Expired		—			—
Outstanding at December 31, 2012		60,000			28.97
Granted		51,000			34.95
Exercised		(16,500	)		28.90
Forfeited/Expired		—			—
Outstanding at December 31, 2013		94,500		$	32.21		5.76	$	385,405
Exercisable at December 31, 2012		16,666		$	28.90		8.60	$	35,167
Exercisable at December 31, 2013		19,800		$	28.97		7.70	$	144,870

Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan

A summary of share option activity under the 2001 Plan during the years ended December 31, 2013 and 2012 is presented below:

Stock Options

Liability-Classified Stock Options	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(5,600	)		20.12
Forfeited/Expired		(119,400	)		55.13
Outstanding at December 31, 2012		80,800			52.43
Granted		—			—
Exercised		(11,600	)		30.39
Forfeited/Expired		(15,400	)		63.58
Outstanding at December 31, 2013		53,800		$	53.99		3.80	$	46,950
Exercisable at December 31, 2012		78,160		$	56.81		3.98	$	21,780
Exercisable at December 31, 2013		53,800		$	53.99		3.80	$	46,950

Stock Appreciation Rights

Liability-Classified Stock Appreciation Rights	Shares			Wtd. Avg. Fair Value Per Share		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	0.93
Granted		—			—
Exercised		(5,600	)		5.07
Forfeited/Expired		(119,400	)		0.73
Outstanding at December 31, 2012		80,800			1.12
Granted		—			—
Exercised		(11,600	)		4.29
Forfeited/Expired		(15,400	)		0.46
Outstanding at December 31, 2013		53,800		$	1.61		3.80	$	25,281
Exercisable at December 31, 2012		78,160		$	0.92		3.98	$	11,728
Exercisable at December 31, 2013		53,800		$	1.61		3.80	$	25,281

 

Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:

Assumptions at December 31,	2013			2012			2011
Expected Volatility		23.07	%		24.34	%		31.05	%
Expected Dividends		0.11	%		0.13	%		0.15	%
Expected Term		3 years			3 years			2 years
Risk-Free Rate		1.21	%		0.39	%		0.23	%

Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows:

	Year Ended December 31,
	2013			2012			2011
Total Cost of Share-Based Plans Charged Against
Income (Added To) Before Tax Effect	$	901,447		$	1,047,335		$	253,812
Income Tax Expense (Benefit)
Recognized in Income	$	(347,733	)	$	(404,010	)	$	(97,908	)

Non-Qualified Stock Option Award [Member]

Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights

A summary of the non-vested options for these awards during the years ended December 31, 2013 and 2012, is presented below:

				Fair Value
				of Shares
Non-Qualified Stock Option Awards	Shares			Vested
Non-Vested at December 31, 2011		50,000
Granted		10,000
Vested		(16,666	)	$	(481,647	)
Non-Vested at December 31, 2012		43,334
Granted		51,000
Vested		(19,634	)	$	(568,875	)
Non-Vested at December 31, 2013		74,700

Stock Option and Stock Appreciation Rights [Member]

Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights

A summary of the non-vested options for these awards during the years ended December 31, 2013 and 2012, is presented below:

				Fair Value
				of Shares
Liability-Classified Stock Options and Stock Appreciation Rights	Shares			Vested
Non-Vested at December 31, 2011		42,160
Vested		(10,120	)	$	(23,962	)
Forfeited/Expired		(29,400	)
Non-Vested at December 31, 2012		2,640
Vested		(2,640	)	$	(20,038	)
Non-Vested at December 31, 2013		—