Stock Option Accounting

9 Months Ended

Sep. 30, 2012

Stock Option Accounting [Abstract]

Stock Option Accounting

Note 3. Stock Option Accounting

Stock option activity under the Company’s stock option plan for the nine months ended September 30, 2012 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		36,062		$	28.90
Exercised		(5,987	)		22.87
Forfeited		(450	)		22.50
Outstanding at end of period		29,625		$	30.22
Exercisable at end of period		29,625		$	30.22
Available to be granted at end of period		223,534

On September 30, 2012, the outstanding options to purchase 29,625 shares of Class A common stock have exercise prices between $26.68 and $31.83, with a weighted average exercise price of $30.22 and a weighted average remaining contractual life of 1.5 years. The intrinsic value of options exercisable at September 30, 2012 had an aggregate value of $50,379. The intrinsic value of options exercised at September 30, 2012 had an aggregate value of $54,203.

The Company uses the fair value method to account for stock options. All of the Company’s stock options are vested and there were no options granted during the first nine months of 2012.