8. Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Weighted average assumptions

The following weighted average assumptions were used for grants during the following periods:

	Three months ended		Nine months ended
	September 30,		September 30,
	2015	2014	2015	2014
Dividend Yield	2.62%	2.97%	2.62%	2.97%
Volatility	34.54%	40.53%	34.54%	40.53%
Risk-Free Interest Rate	1.03%	0.92%	1.03%	0.92%
Expected Life	3.0 years	3.25 years	3.0 years	3.25 years

Schedule of Stock Options Activity

A summary of stock option activity under the Company’s 2005 and 2014 Plans for the nine months ended September 30, 2015 is as follows:

Stock Options	Number of Shares	Weighted Average Exercise Price per Share	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2015	421,250	$               5.16	3.13	$    1,258,013
Granted (1)	50,000	$               6.73		$         95,500
Exercised	(123,750)	$               2.58		$       662,488
Forfeited	(2,500)	$               5.09
Outstanding at September 30, 2015	345,000	$               6.32	3.60	$       801,075
Vested and Exercisable at September 30, 2015	186,875	$               6.22	3.55	$       451,706