Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

A summary of activity during the three months ended March 31, 2016, is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at January 1, 2016		2,400		$	23.42
Granted		—			—
Vested		(2,300	)		23.42
Expired		—			—
Forfeited		(100	)		23.42
Outstanding at March 31, 2016		-		$	-

A summary of the activity for these awards during the three months ended March 31, 2016, is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value
Outstanding at January 1, 2016		137,500		$	30.58
Granted		4,000			38.98
Vested		—			—
Expired		—			—
Forfeited		(72,000	)		34.46
Outstanding at March 31, 2016		69,500		$	27.03

A summary of the activity for the awards during the three months ended March 31, 2016, 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, 2016		116,850		$	48.63
Granted		40,000			55.62
Exercised		—			—
Expired		—			—
Forfeited		(40,000	)		55.62
Outstanding at March 31, 2016		116,850		$	48.63		6.07	$	88,652
Exercisable at March 31, 2016		73,350		$	44.73		1.94	$	103,378

A summary of share option activity under the 2001 Plan for the three months ended March 31, 2016 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, 2016		18,000		$	64.69
Granted		—			—
Exercised		—			—
Expired		(3,000	)		67.27
Forfeited		—			—
Outstanding at March 31, 2016		15,000		$	64.17		1.35	$	—
Exercisable at March 31, 2016		15,000		$	64.17		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, 2016		18,000		$	2.64
Granted		—			—
Exercised		—			—
Expired		(3,000	)		—
Forfeited		—			—
Outstanding at March 31, 2016		15,000		$	1.76		1.35	$	—
Exercisable at March 31, 2016		15,000		$	1.76		1.35	$	—

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

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

	Three Months Ended
	March 31, 2016			March 31, 2015
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	2,072,982		$	75,352
Income Tax Expense
Recognized in Income	$	(163,353	)	$	(29,067	)

A summary of activity during the three months ended March 31, 2016, is presented below:

Three Year Vest Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2016		26,900		$	49.73
Granted		21,100			44.88
Vested		(10,363	)		47.89
Expired		—			—
Forfeited		—			—
Outstanding at March 31, 2016		37,637		$	47.52

A summary of the non-vested options for these awards during the three months ended March 31, 2016, is presented below:

Non-Qualified Stock Option Awards	Shares			Fair Value of Shares Vested
Non-Vested at January 1, 2016		88,260
Granted		40,000
Vested		(44,760	)	$	2,288,206
Expired		—
Forfeited		(40,000	)
Non-Vested at March 31, 2016		43,500