Stock-Based Compensation (Tables)

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, 2014	53,800	$	1.61
Granted	—		—
Exercised	(18,500)		11.20
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	35,300		5.56
Granted	—		—
Exercised	(3,300)		12.19
Expired	—		—
Forfeited	(14,000)		4.84
Outstanding at December 31, 2015	18,000		2.64
Granted	—		—
Exercised	—		—
Expired	(3,000)		—
Forfeited	(4,000)		0.87
Outstanding at December 31, 2016	11,000	$	1.33	0.61	$	2,229
Exercisable at December 31, 2016	11,000	$	1.33	0.61	$	2,229

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

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


	Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Accelerated Charge for Stock-Based Compensation	$	1,649,513	$	—	$	—
Recurring Charge for Stock-Based Compensation		1,529,370		2,186,408		1,271,924
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	3,178,883	$	2,186,408	$	1,271,924

Income Tax Expense Recognized in Income	$	(1,226,254)	$	(843,407)	$	(490,645)

A summary of activity during the years ended December 31, 2016, 2015, and 2014 is presented below:


		Wtd. Avg.
		Grant Date
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2014	5,067	$	23.13
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	5,067	$	23.13
Granted	—		—
Vested	(2,034)		22.80
Expired	—		—
Forfeited	(633)		22.80
Outstanding at December 31, 2015	2,400	$	23.42
Granted	—		—
Vested	(2,300)		23.42
Expired	—		—
Forfeited	(100)		23.42
Outstanding at December 31, 2016	—	$	—

A summary of the activity for these awards during the years ended December 31, 2016, 2015, and 2014 is presented below:


		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2014	94,500	$	17.33
Granted	2,500		38.97
Vested	(56,500)		19.56
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	40,500	$	15.55
Granted	97,000		36.85
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2015	137,500	$	30.58
Granted	4,000		38.98
Vested	—		—
Expired	—		—
Forfeited	(72,000)		34.46
Outstanding at December 31, 2016	69,500	$	27.03

A summary of activity for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2014	—	$	—
Granted	14,500		36.08
Vested	—		—
Expired	—		—
Forfeited	(300)		36.08
Outstanding at December 31, 2014	14,200		36.08
Granted	19,700		55.93
Vested	(4,734)		36.08
Expired	—		—
Forfeited	(2,266)		46.59
Outstanding at December 31, 2015	26,900		49.73
Granted	21,100		44.88
Vested	(10,363)		47.89
Expired	—		—
Forfeited	(133)		46.08
Outstanding at December 31, 2016	37,504	$	47.53

A summary of the activity for these awards during the years ended December 31, 2016, 2015, and 2014, 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, 2014	94,500	$	32.21
Granted	10,000		50.00
Exercised	(19,735)		31.88
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	84,765		34.39
Granted	70,000		56.43
Exercised	(30,155)		30.24
Expired	—		—
Forfeited	(7,760)		34.95
Outstanding at December 31, 2015	116,850		48.63
Granted	40,000		55.62
Exercised	(3,350)		34.95
Expired	—		—
Forfeited	(40,000)		55.62
Outstanding at December 31, 2016	113,500	$	49.03	6.60	$	498,245
Exercisable at December 31, 2015	28,590	$	32.73	4.41	$	514,193
Exercisable at December 31, 2016	76,600	$	45.94	1.87	$	573,181

A summary of the non-vested options for these awards during the years ended December 31, 2016, 2015, and 2014, is presented below:


		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2014	74,700
Granted	10,000
Vested	(37,130)	$	1,176,331
Expired	—
Forfeited	—
Non-Vested at December 31, 2014	47,570
Granted	70,000
Vested	(21,550)	$	783,764
Expired	—
Forfeited	(7,760)
Non-Vested at December 31, 2015	88,260
Granted	40,000
Vested	(51,360)	$	2,643,088
Expired	—
Forfeited	(40,000)
Non-Vested at December 31, 2016	36,900

A summary of share option activity under the 2001 Plan during the years ended December 31, 2016, 2015, and 2014 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, 2014	53,800	$	53.99
Granted	—		—
Exercised	(18,500)		37.80
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2014	35,300		62.47
Granted	—		—
Exercised	(3,300)		33.16
Expired	—		—
Forfeited	(14,000)		66.54
Outstanding at December 31, 2015	18,000		64.69
Granted	—		—
Exercised	—		—
Expired	(3,000)		67.27
Forfeited	(4,000)		64.99
Outstanding at December 31, 2016	11,000	$	63.87	0.61	$	4,140
Exercisable at December 31, 2016	11,000	$	63.87	0.61	$	4,140