STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2017

Summary of stock appreciation rights activity

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, 2017	11,000		1.33
Granted	—		—
Exercised	—		—
Expired	(5,000)		—
Forfeited	—		—
Outstanding at March 31, 2017	6,000	$	1.64	0.82	$	2,617
Exercisable at March 31, 2017	6,000	$	1.64	0.82	$	2,617

Schedule of assumptions used in determining the 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:	March 31, 2017		December 31, 2016
Expected Volatility	12.37	%	14.13	%
Expected Dividends	0.30	%	0.22	%
Expected Term	0.82	years	0.61	years
Risk-Free Rate	1.03	%	0.66	%

Schedule of amounts recognized 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
	March 31, 2017		March 31, 2016
Accelerated Charge for Stock-Based Compensation	$	—	$	1,649,513
Recurring Charge for Stock-Based Compensation		353,579		423,469
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	353,579	$	2,072,982
Income Tax Expense Recognized in Income	$	(136,393)	$	(163,353)

Restricted Shares | Performance Share Awards – Peer Group Market Condition Vesting

Summary of nonvested stock award activity

A summary of activity during the three months ended March 31, 2017, is presented below: 

		Wtd. Avg.
Performance Shares with Market Conditions	Shares	Fair Value
Outstanding at January 1, 2017	—	$	—
Granted	12,635		55.66
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2017	12,635	$	55.66

Restricted Shares | Market Condition Restricted Shares - Stock Price Vesting

Summary of nonvested stock award activity

A summary of the activity for these awards during the three months ended March 31, 2017, is presented below:

		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2017	69,500	$	27.03
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2017	69,500	$	27.03

Restricted Shares | Three Year Vest Restricted Shares

Summary of Restricted Shares Activity

A summary of activity during the three months ended March 31, 2017, is presented below:

		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2017	37,504		47.53
Granted	17,451		55.06
Vested	(17,298)		46.70
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2017	37,657	$	51.40

Non-Qualified Stock Option Award

Summary of share option activity

A summary of the activity for the awards during the three months ended March 31, 2017, 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, 2017	113,500		49.03
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2017	113,500	$	49.03	6.35	$	511,865
Exercisable at January 1, 2017	76,600	$	45.94	5.75	$	573,181
Exercisable at March 31, 2017	89,800	$	47.36	5.89	$	554,917

Summary of non-vested options

A summary of the non-vested options for these awards during the three months ended March 31, 2017, is presented below: 

		Fair Value
		of Shares
Non-Qualified Stock Option Awards	Shares	Vested
Non-Vested at January 1, 2017	36,900
Granted	—
Vested	(13,200)	$	734,184
Expired	—
Forfeited	—
Non-Vested at March 31, 2017	23,700

Stock Option

Summary of share option activity

A summary of share option activity under the 2001 Plan for the three months ended March 31, 2017 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, 2017	11,000		63.87
Granted	—		—
Exercised	—		—
Expired	(5,000)		77.25
Forfeited	—		—
Outstanding at March 31, 2017	6,000	$	52.73	0.82	$	4,860
Exercisable at March 31, 2017	6,000	$	52.73	0.82	$	4,860