Stock Option Plans (Tables)

3 Months Ended

Mar. 31, 2016

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 three months ended March 31, 2016.

Stock options issued



	Directors
Grant date	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			5/8/2015			Subtotals
Total grant	30,000			30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			322,500
Vested	30,000			30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			322,500
Exercised	25,000			5,000			7,500			22,500			15,000			15,000			15,000			12,500			7,500			5,000			130,000
Forfeited	2,500			7,500			7,500			—			2,500			2,500			—			—			—			—			22,500
Exercisable at March 31, 2016	2,500			17,500			15,000			10,000			15,000			15,000			20,000			22,500			22,500			30,000			170,000
Remaining unexercised	2,500			17,500			15,000			10,000			15,000			15,000			20,000			22,500			22,500			30,000			170,000
Exercise price	$	40.35		$	54.17		$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07
Volatility	0.206			0.225			0.237			0.344			0.369			0.358			0.348			0.333			0.173			0.166
Expected life (years)	9.0			8.0			7.0			6.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield	5.93		%	4.39		%	4.09		%	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%
Risk-free rate	5.11		%	4.65		%	3.49		%	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%
Total value at grant date	$	143,400		$	285,300		$	254,700		$	222,950		$	287,950		$	297,375		$	257,250		$	278,250		$	109,500		$	125,300		$	2,261,975
Expensed in previous years	143,400			285,300			254,700			222,950			287,950			297,375			257,250			278,250			109,500			125,300			2,261,975
Expensed in 2016	—			—			—			—			—			—			—			—			—			—			—
Future expense	—			—			—			—			—			—			—			—			—			—			—
	Officers
Grant date	4/27/2007			5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			Subtotals												Grand Totals
Total grant	135,000			162,500			242,500			202,500			170,000			190,000			1,102,500												1,425,000
Vested	67,500			118,750			81,875			91,250			42,500			—			401,875												724,375
Exercised	14,097			61,254			43,125			26,875			5,000			—			150,351												280,351
Forfeited	67,500			43,750			135,000			30,000			—			—			276,250												298,750
Exercisable at March 31, 2016	53,403			57,496			38,750			64,375			37,500			—			251,524												421,524
Remaining unexercised	53,403			57,496			64,375			145,625			165,000			190,000			675,899												845,899
Exercise price	$	54.17		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07
Volatility	0.233			0.330			0.315			0.304			0.306			0.298
Expected life (years)	6.5			8.0			8.0			8.0			7.0			7.0
Assumed yield	4.13		%	4.81		%	5.28		%	5.12		%	4.89		%	4.94		%
Risk-free rate	4.61		%	2.75		%	1.49		%	1.49		%	2.17		%	1.89		%
Gross value at grant date	$	1,339,200		$	1,366,625		$	1,518,050		$	1,401,300		$	1,349,800		$	1,584,600		$	8,559,575											$	10,821,550
Estimated forfeitures	62,000			367,937			889,690			280,468			168,749			141,780			1,910,624												1,910,624
Expensed in previous years	1,277,200			998,688			575,994			762,034			492,120			240,472			4,346,508												6,608,483
Expensed in 2016	—			—			39,273			67,275			73,818			90,177			270,543												270,543
Future expense	—			—			13,093			291,523			615,113			1,112,171			2,031,900												2,031,900
Weighted average term of remaining future expense (in years)							2.5

Summary of Option Activity

The table below summarizes the option activity for the three months ended March 31, 2016:



	Number of Shares		Weighted Average Exercise Price per share		Aggregate Intrinsic Value
Outstanding at January 1	860,274		$	46.58	$	4,237,456
Granted	—		—		—
Exercised	(14,375	)	42.00		139,494
Expired/Forfeited	—		—
Outstanding March 31	845,899		46.66		5,460,449
Exercisable March 31	421,524		45.44		3,275,643