STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of assumptions used in determining the fair value of stock options and stock appreciation rights

Assumptions at:	June 30, 2017		December 31, 2016
Expected Volatility	11.26	%	14.13	%
Expected Dividends	0.28	%	0.22	%
Expected Term	0.57	years	0.61	years
Risk-Free Rate	1.14	%	0.66	%

Schedule of amounts recognized for stock options, stock appreciation rights, and restricted stock

	Three Months Ended				Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Accelerated Charge for Stock-Based Compensation	$	—	$	—	$	—	$	1,649,513
Recurring Charge for Stock-Based Compensation		389,585		418,639		743,164		842,108
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	389,585	$	418,639	$	743,164	$	2,491,621
Income Tax Expense Recognized in Income	$	(150,283)	$	(161,490)	$	(286,676)	$	(324,843)

Performance Share Awards – Peer Group Market Condition Vesting

Summary of nonvested stock award activity

A summary of activity during the six months ended June 30, 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 June 30, 2017	12,635	$	55.66

Market Condition Restricted Shares - Stock Price Vesting

Summary of nonvested stock award activity

A summary of the activity for these awards during the six months ended June 30, 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 June 30, 2017	69,500	$	27.03

Three Year Vest Restricted Shares

Summary of nonvested stock award activity

A summary of activity during the six months ended June 30, 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	(267)		52.51
Outstanding at June 30, 2017	37,390	$	51.40

Amended and Restated 2010 Equity Incentive Plan

Summary of activity for stock option awards

A summary of the activity for the awards during the six months ended June 30, 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	(2,800)		34.95
Expired	—		—
Forfeited	—		—
Outstanding at June 30, 2017	110,700	$	49.39	6.23	$	837,300
Exercisable at January 1, 2017	76,600	$	45.94	5.75	$	573,181
Exercisable at June 30, 2017	90,300	$	48.12	5.88	$	797,588

Summary of non-vested stock option awards

A summary of the non-vested options for these awards during the six months ended June 30, 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	(16,500)	$	924,066
Expired	—
Forfeited	—
Non-Vested at June 30, 2017	20,400

2001 Stock Option Plan

Summary of activity for stock option awards

				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 June 30, 2017	6,000	$	52.73	0.57	$	25,320
Exercisable at June 30, 2017	6,000	$	52.73	0.57	$	25,320

Summary of stock appreciation rights activity

				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 June 30, 2017	6,000	$	2.63	0.57	$	13,634
Exercisable at June 30, 2017	6,000	$	2.63	0.57	$	13,634