STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2017

Summary of share activity for all equity and liability classified stock compensation

A summary of share activity for all equity and liability classified stock compensation during the nine months ended September 30, 2017, is presented below:

	Shares		Vested /			Shares
	Outstanding	Granted	Exercised	Expired	Forfeited	Outstanding
Type of Award	at 1/1/2017	Shares	Shares	Shares	Shares	at 9/30/2017
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting	—	12,635	—	—	—	12,635
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting	69,500	—	—	(32,000)	—	37,500
Equity Classified - Three Year Vest Restricted Shares	37,504	17,451	(17,298)	—	(267)	37,390
Equity Classified - Non-Qualified Stock Option Awards	113,500	—	(23,500)	—	—	90,000
Liability Classified - Stock Options and Stock Appreciation Rights	11,000	—	—	(5,000)	—	6,000
Total Shares	231,504	30,086	(40,798)	(37,000)	(267)	183,525

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 September 30, 2017	6,000	$	4.08	0.32	$	23,714
Exercisable at September 30, 2017	6,000	$	4.08	0.32	$	23,714

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

Assumptions at:	September 30, 2017		December 31, 2016
Expected Volatility	14.70	%	14.13	%
Expected Dividends	0.27	%	0.22	%
Expected Term	0.32	years	0.61	years
Risk-Free Rate	1.06	%	0.66	%

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

	Three Months Ended				Nine Months Ended
	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Accelerated Charge for Stock-Based Compensation	$	—	$	—	$	—	$	1,649,513
Recurring Charge for Stock-Based Compensation		398,925		401,967		1,142,090		1,244,076
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	398,925	$	401,967	$	1,142,090	$	2,893,589
Income Tax Expense Recognized in Income	$	(150,283)	$	(155,059)	$	(286,676)	$	(1,116,202)

Peer Group Market Condition Vesting

Summary of nonvested stock award activity

A summary of activity during the nine months ended September 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 September 30, 2017	12,635	$	55.66

Stock Price Vesting

Summary of nonvested stock award activity

A summary of the activity for these awards during the nine months ended September 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	(32,000)		14.08
Forfeited	—		—
Outstanding at September 30, 2017	37,500	$	38.09

Three-Year Vesting

Summary of nonvested stock award activity

A summary of activity during the nine months ended September 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 September 30, 2017	37,390	$	51.39

Amended and Restated 2010 Equity Incentive Plan

Summary of activity for stock option awards

A summary of the activity for the awards during the nine months ended September 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	(23,500)		34.95
Expired	—		—
Forfeited	—		—
Outstanding at September 30, 2017	90,000	$	52.71	7.23	$	662,700
Exercisable at January 1, 2017	76,600	$	45.94	5.75	$	573,181
Exercisable at September 30, 2017	69,600	$	52.03	7.13	$	559,340

Summary of non-vested stock option awards

A summary of the non-vested options for these awards during the nine months ended September 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 September 30, 2017	20,400

2001 Stock Option Plan

Summary of activity for stock option awards

A summary of share option activity under the 2001 Plan for the nine months ended September 30, 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 September 30, 2017	6,000	$	52.73	0.32	$	44,040
Exercisable at September 30, 2017	6,000	$	52.73	0.32	$	44,040