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, 2013:

Stock options issued


	Directors
Grant date	04/26/2004			05/06/2005			05/01/2006			04/27/2007			04/25/2008			04/24/2009			05/07/2010			05/13/2011			05/04/2012			05/10/2013			Subtotals
Total grant		30,000			30,000			30,000			30,000			30,000			32,500			32,500			32,500			35,000			35,000			317,500
Vested		30,000			30,000			27,500			25,000			25,000			32,500			30,000			30,000			35,000			35,000			300,000
Exercised		22,500			20,000			2,500			—			—			12,500			2,500			2,500			2,500			—			65,000
Forfeited		—			—			2,500			5,000			5,000			—			2,500			2,500			—			—			17,500
Exercisable at June 30, 2013		7,500			10,000			25,000			25,000			25,000			20,000			27,500			27,500			32,500			35,000			235,000
Remaining unexercised		7,500			10,000			25,000			25,000			25,000			20,000			27,500			27,500			32,500			35,000			235,000
Exercise price	$	25.78		$	33.22		$	40.35		$	54.17		$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42
Volatility		0.183			0.198			0.206			0.225			0.237			0.344			0.369			0.358			0.348			0.333
Expected life (years)		5.0			10.0			9.0			8.0			7.0			6.0			5.0			5.0			5.0			5.0
Assumed yield		5.75	%		6.91	%		5.93	%		4.39	%		4.09	%		4.54	%		4.23	%		4.16	%		4.61	%		4.53	%
Risk-free rate		3.57	%		4.28	%		5.11	%		4.65	%		3.49	%		2.19	%		2.17	%		1.86	%		0.78	%		0.82	%
Total value at grant date	$	66,600		$	71,100		$	143,400		$	285,300		$	254,700		$	222,950		$	287,950		$	297,375		$	244,388		$	262,946		$	2,136,709
Forfeited options		—			—			—			—			—			—			—			—			—			—			—
Expensed in previous years		66,600			71,100			143,400			285,300			254,700			222,950			287,950			297,375			244,388			—			1,873,763
Expensed in 2013		—			—			—			—			—			—			—			—			—			262,946			262,946
Future expense		—			—			—			—			—			—			—			—			—			—			—

	Officers
Grant date	04/26/2004			05/06/2005			04/27/2007			05/13/2011			05/04/2012			05/10/2013						Subtotals									Grand Totals
Total grant		122,500			132,500			135,000			162,500			242,500			202,500						997,500									1,315,000
Vested		115,000			118,750			67,500			67,500			28,125			—						396,875									696,875
Exercised		91,250			69,500			—			16,250			1,875			—						178,875									243,875
Forfeited		7,500			13,750			67,500			41,250			130,000			—						260,000									277,500
Exercisable at June 30, 2013		23,750			49,250			67,500			51,250			26,250			—						218,000									453,000
Remaining unexercised		23,750			49,250			67,500			105,000			110,625			202,500						558,625									793,625
Exercise price	$	25.78		$	33.22		$	54.17		$	41.82		$	39.29		$	44.42
Volatility		0.183			0.207			0.233			0.330			0.315			0.304
Expected life (years)		7.0			8.0			6.5			8.0			8.0			8.0
Assumed yield		5.75	%		6.37	%		4.13	%		4.81	%		5.28	%		5.12	%
Risk-free rate		4.05	%		4.15	%		4.61	%		2.75	%		1.49	%		1.49	%
Total value at grant date	$	292,775		$	413,400		$	1,258,848		$	1,277,794		$	1,442,148		$	1,254,164					$	5,939,129								$	8,075,838
Forfeited options		17,925			35,100			—			252,300			813,800			—						1,119,125									1,119,125
Expensed in previous years		274,850			378,300			1,258,848			456,738			104,724			—						2,473,460									4,347,223
Expensed in 2013		—			—			—			117,678			78,543			52,257						248,477									511,423
Future expense		—			—			—			451,078			445,081			1,201,907						2,098,067									2,098,067
Weighted average term of remaining future expense								3.2 years