STOCK COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2014

STOCK COMPENSATION PLANS [Abstract]

Weighted-average assumptions used for grants option

The fair value of each option grant is estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in 2013 and 2012.  All options were granted at market value with a 10-year option term with a vesting period of one year from the date of grant.

	2013		2012
Expected Dividend Yield	3.63	%	4.18	%
Expected Stock Price Volatility	26.16	%	25.13	%
Weighted Average Risk-Free Interest Rate	1.68	%	1.87	%
Weighted Average Expected Life of Options (in years)	9.41		9.47

Shares of Class A Non-Voting Common Stock under option

The following summary reflects changes in the shares of Class A Stock underlying options:

	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)
Plan options
Outstanding at January 1, 2014		387,000		$	18.96				1,542
Granted		–			–				–
Exercised		(23,125	)		16.13				144
Expired		–			–				–
Outstanding at March 31, 2014		363,875		$	19.14		4.51	$	1,213
Options exercisable at March 31, 2014		330,125		$	18.79		4.04	$	1,213

Non-vested shares of Class A Stock under option

The following summary reflects changes in the non-vested shares of Class A Stock underlying options:

Non-vested Shares	Option Shares		Weighted Average Grant – Date Fair Value Per Option
Non-vested at January 1, 2014		33,750	$	4.04
Granted		–		–
Vested		–		–
Canceled		–		–
Non-vested at March 31, 2014		33,750	$	4.04