XML 26 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
STOCK COMPENSATION PLANS (Tables)
 3 Months Ended
Mar. 31, 2016
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 2014. 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.

     
Expected Dividend Yield
3.88
%
  
Expected Stock Price Volatility
26.50
%
  
Weighted Average Risk-Free Interest Rate
2.24
%
  
Weighted Average Expected Life of Options (in years)
7.52
   
Shares of Class A Non-Voting Common Stock under option
The following summary reflects changes in the shares of Class A Stock underlying options for the three months ended March 31, 2016:

  
Option Shares
  
Weighted Average Exercise Price
  
Weighted Average Remaining Life (Yrs.)
  
Aggregate Intrinsic Value (in thousands)
 
Plan options
            
Outstanding at January 1, 2016
  
270,000
  
$
19.34
     
$
2,256
 
Granted
  
–
   
–
      
–
 
Exercised
  
(6,750
)
  
21.11
      
30
 
Expired
  
–
   
–
      
–
 
Outstanding at March 31, 2016
  
263,250
  
$
19.30
   
4.71
  
$
2,280
 
                 
Options exercisable at March 31, 2016
  
263,250
  
$
19.30
   
4.71
  
$
2,280