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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

A summary of activity during the years ended December 31, 2015, 2014, and 2013 is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at January 1, 2013		7,900		$	23.13
Granted		—			—
Vested		—			—
Expired		—			—
Forfeited		(2,833	)		23.13
Outstanding at December 31, 2013		5,067		$	23.13
Granted		—			—
Vested		—			—
Expired		—			—
Forfeited		—			23.13
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

A summary of the activity for these awards during the years ended December 31, 2015, 2014, and 2013 is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value
Outstanding at January 1, 2013		113,000		$	18.40
Granted		—			—
Vested		(18,500	)	$	23.89
Expired		—			—
Forfeited		—			—
Outstanding at December 31, 2013		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

A summary of the activity for these awards during the years ended December 31, 2015, 2014, and 2013, is presented below:

Non-Qualified Stock Option Awards	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2013		60,000		$	28.97
Granted		51,000			34.95
Exercised		(16,500	)		28.90
Expired		—			—
Forfeited		—			—
Outstanding at December 31, 2013		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		7.37	$	477,156
Exercisable at December 31, 2014		37,195		$	30.13		6.04	$	954,717
Exercisable at December 31, 2015		28,590		$	32.73		4.41	$	514,193

A summary of share option activity under the 2001 Plan during the years ended December 31, 2015, 2014, and 2013 is presented below:

Stock Options

Liability-Classified Stock Options	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2013		80,800		$	52.43
Granted		—			—
Exercised		(11,600	)		30.39
Expired		—			—
Forfeited		(15,400	)		63.58
Outstanding at December 31, 2013		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		1.35	$	—
Exercisable at December 31, 2015		18,000		$	64.69		1.35	$	—

Stock Appreciation Rights

Liability-Classified Stock Appreciation Rights	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2013		80,800		$	1.12
Granted		—			—
Exercised		(11,600	)		4.29
Expired		—			—
Forfeited		(15,400	)		0.46
Outstanding at December 31, 2013		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		1.35	$	—
Exercisable at December 31, 2015		18,000		$	2.64		1.35	$	—

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, 2015			December 31, 2014			December 31, 2013
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	2,186,408		$	1,271,924		$	901,447
Income Tax Expense
Recognized in Income	$	(843,407	)	$	(490,645	)	$	(347,733	)

A summary of activity for these awards during the years ended December 31, 2015, 2014, and 2013, is presented below:

Three Year Vest Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2013		—		$	-
Granted		—			—
Vested		—			—
Expired		—			—
Forfeited		—			—
Outstanding at December 31, 2013		—			—
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

NOTE 17.

STOCK-BASED COMPENSATION (continued)

A summary of the non-vested options for these awards during the years ended December 31, 2015, 2014, and 2013, is presented below:

Non-Qualified Stock Option Awards	Shares			Fair Value of Shares Vested
Non-Vested at January 1, 2013		43,334
Granted		51,000
Vested		(19,634	)	$	568,875
Expired		—
Forfeited		—
Non-Vested at December 31, 2013		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

A summary of the non-vested options for these awards during the years ended December 31, 2015, 2014, and 2013, is presented below:

Liability-Classified Stock Options and Stock Appreciation Rights	Shares			Fair Value of Shares Vested
Non-Vested at January 1, 2013		2,640
Vested		(2,640	)	$	20,038
Expired		—
Forfeited		—
Non-Vested at December 31, 2013		—
Vested		—		$	—
Expired		—
Forfeited		—
Non-Vested at December 31, 2014		—
Vested		—		$	—
Expired		—
Forfeited		—
Non-Vested at December 31, 2015		—