Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Stock Based Compensation Activity

A summary of activity during the nine months ended September 30, 2016, is presented below: 

		Wtd. Avg.
		Grant Date
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2016	2,400	$	23.42
Granted	—		—
Vested	(2,300)		23.42
Expired	—		—
Forfeited	(100)		23.42
Outstanding at September 30, 2016	—	$	—

Summary of Market Condition Inducement Grant of Restricted Shares

A summary of the activity for these awards during the nine months ended September 30, 2016, is presented below:

		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2016	137,500	$	30.58
Granted	4,000		38.98
Vested	—		—
Expired	—		—
Forfeited	(72,000)		34.46
Outstanding at September 30, 2016	69,500	$	27.03

Summary of Stock Based Compensation Activity for Stock Appreciation Rights

Stock Appreciation Rights

				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd.Avg.		Term	Intrinsic
Liability-Classified Stock Appreciation Rights	Shares	Fair Value		(Years)	Value
Outstanding at January 1, 2016	18,000	$	2.64
Granted	—		—
Exercised	—		—
Expired	(3,000)		—
Forfeited	(4,000)		0.87
Outstanding at September 30, 2016	11,000	$	1.66	0.86	$	—
Exercisable at September 30, 2016	11,000	$	1.66	0.86	$	—

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:	September 30, 2016		December 31, 2015
Expected Volatility	21.20	%	29.40	%
Expected Dividends	0.16	%	0.15	%
Expected Term	0.86	years	1.3	years
Risk-Free Rate	0.45	%	0.75	%

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

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

	Three Months Ended				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	401,967	$	728,833	$	2,893,589	$	1,350,557
Income Tax Expense
Recognized in Income	$	(155,059)	$	(281,147)	$	(1,116,202)	$	(520,977)

Three Year Vest Non-Vested Restricted Stock [Member]

Summary of Stock Based Compensation Activity

A summary of activity during the nine months ended September 30, 2016, is presented below:

		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2016	26,900	$	49.73
Granted	21,100		44.88
Vested	(10,363)		47.89
Expired	—		—
Forfeited	(133)		46.08
Outstanding at September 30, 2016	37,504	$	47.53

Non-Qualified Stock Option Award [Member]

Summary of Stock Based Compensation Activity for Stock Option Awards

A summary of the activity for the awards during the nine months ended September 30, 2016, is presented below: 

				Wtd. Avg.
				Remaining
				Contractual		Aggregate
		Wtd. Avg.		Term		Intrinsic
Non-Qualified Stock Option Awards	Shares	Ex. Price		(Years)		Value
Outstanding at January 1, 2016	116,850	$	48.63
Granted	40,000		55.62
Exercised	(850)		34.95
Expired	—		—
Forfeited	(40,000)		55.62
Outstanding at September 30, 2016	116,000	$	48.73	6.66	$	285,740
Exercisable at September 30, 2016	75,800	$	45.40	1.60	$	439,036

Summary of Non-Vested Options for Non-Qualified Stock Option Awards

A summary of the non-vested options for these awards during the nine months ended September 30, 2016, is presented below: 

		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2016	88,260
Granted	40,000
Vested	(48,060)	$	2,478,088
Expired	—
Forfeited	(40,000)
Non-Vested at September 30, 2016	40,200

Stock Option [Member]

Summary of Stock Based Compensation Activity for Stock Option Awards

A summary of share option activity under the 2001 Plan for the nine months ended September 30, 2016 is presented below:

Stock Options

				Wtd. Avg.
				Remaining
				Contractual	Aggregate
		Wtd. Avg.		Term	Intrinsic
Liability-Classified Stock Options	Shares	Ex. Price		(Years)	Value
Outstanding at January 1, 2016	18,000	$	64.69
Granted	—		—
Exercised	—		—
Expired	(3,000)		67.27
Forfeited	(4,000)		64.99
Outstanding at September 30, 2016	11,000	$	63.87	0.86	$	—
Exercisable at September 30, 2016	11,000	$	63.87	0.86	$	—