Stock Option Plans (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes the amount and activity of each grant with outstanding unexercised options, the total value and variables used in the computation and the amount expensed and included in general and administrative expense in the Consolidated Statements of Operations for the six months ended June 30, 2014.

Stock options issued



	Directors
Grant date	5/6/2005			5/1/2006			4/27/2007			4/25/2008			4/24/2009			5/7/2010			5/13/2011			5/4/2012			5/10/2013			5/9/2014			Subtotals
Total grant	30,000			30,000			30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			317,500
Vested	30,000			30,000			30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			317,500
Exercised	22,500			10,000			—			—			20,000			10,000			10,000			10,000			7,500			—			90,000
Forfeited	—			2,500			7,500			7,500			—			2,500			2,500			—			—			—			22,500
Exercisable at June 30, 2014	7,500			17,500			22,500			22,500			12,500			20,000			20,000			25,000			27,500			30,000			205,000
Remaining unexercised	7,500			17,500			22,500			22,500			12,500			20,000			20,000			25,000			27,500			30,000			205,000
Exercise price	$	33.22		$	40.35		$	54.17		$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03
Volatility	0.198			0.206			0.225			0.237			0.344			0.369			0.358			0.348			0.333			0.173
Expected life (years)	10.0			9.0			8.0			7.0			6.0			5.0			5.0			5.0			5.0			5.0
Assumed yield	6.91		%	5.93		%	4.39		%	4.09		%	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%
Risk-free rate	4.28		%	5.11		%	4.65		%	3.49		%	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%
Total value at grant date	$	71,100		$	143,400		$	285,300		$	254,700		$	222,950		$	287,950		$	297,375		$	244,388		$	262,946		$	101,726		$	2,171,835
Expensed in previous years	71,100			143,400			285,300			254,700			222,950			287,950			297,375			244,388			262,946			—			2,070,109
Expensed in 2014	—			—			—			—			—			—			—			—			—			101,726			101,726
Future expense	—			—			—			—			—			—			—			—			—			—			—
	Officers
Grant date	5/6/2005			4/27/2007			5/13/2011			5/4/2012			5/10/2013			5/9/2014			Subtotals												Grand Totals
Total grant	132,500			135,000			162,500			242,500			202,500			170,000			1,045,000												1,362,500
Vested	118,750			67,500			105,625			56,250			50,625			—			398,750												716,250
Exercised	84,850			—			30,955			18,902			8,853			—			143,560												233,560
Forfeited	13,750			67,500			43,750			135,000			30,000			—			290,000												312,500
Exercisable at June 30, 2014	33,900			67,500			63,420			37,348			41,772			—			243,940												448,940
Remaining unexercised	33,900			67,500			87,795			88,598			163,647			170,000			611,440												816,440
Exercise price	$	33.22		$	54.17		$	41.82		$	39.29		$	44.42		$	47.03
Volatility	0.207			0.233			0.330			0.315			0.304			0.306
Expected life (years)	8.0			6.5			8.0			8.0			8.0			7.0
Assumed yield	6.37		%	4.13		%	4.81		%	5.28		%	5.12		%	4.89		%
Risk-free rate	4.15		%	4.61		%	2.75		%	1.49		%	1.49		%	2.17		%
Gross value at grant date	$	413,400		$	1,339,200		$	1,366,625		$	1,518,050		$	1,401,300		$	1,397,400		$	7,435,975											$	9,607,810
Estimated forfeitures	35,100			80,350			387,550			889,690			280,468			174,700			1,847,858												1,847,858
Expensed in previous years	378,300			1,258,850			692,088			261,807			209,027			—			2,800,072												4,870,181
Expensed in 2014	—			—			113,205			78,546			149,360			50,947			392,058												493,784
Future expense	—			—			173,782			288,007			762,445			1,171,753			2,395,987												2,395,987
Weighted average term of remaining future expense (in years)										3.1

Summary of Option Activity

The table below summarizes the option activity for the six months ended June 30, 2014:



	Number of Shares		Weighted Average Exercise Price per share		Aggregate Intrinsic Value
Outstanding at January 1	753,625		$	42.55	$	4,529,206
Granted	200,000		47.03		314,000
Exercised	(99,685	)	37.23		1,018,511
Expired/Forfeited	(37,500	)	43.56
Outstanding June 30	816,440		44.26		4,078,348
Exercisable June 30	448,940		43.87		2,659,611