Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Transactions under the Company’s stock option plans

	Shares		Weighted average exercise price		Weighted average remaining contractual life in years		Aggregate intrinsic value
Outstanding at December 31, 2014		418,921	$	6.76		5.5	$	1,257,968
Options granted		40,000		9.12
Options exercised		-		-
Options cancelled		-		-
Outstanding at March 31, 2015		458,921	$	6.96		5.7	$	1,127,952
Exercisable at March 31, 2015		362,092	$	6.63		4.7	$	1,035,118

Stock Options, Valuation Assumptions

	For the three months ended March 31,
	2015			2014
Number of options granted		40,000			40,000
Weighted average exercise price	$	9.12		$	7.90
Weighted average fair value of options	$	3.82		$	3.03
Expected life in years (1)		6.69			5.40
Expected volatility (2)		46.76	%		45.21	%
Risk-free interest rate (3)		1.80	%		1.52	%
Dividend yield (4)		1.33	%		1.02	%

(1) The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding.

(2) The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options. 

(3) The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant.

(4) The expected dividend yield is the projected annual yield based on the grant date stock price.

Information About Options Exercised

	For the three months ended March 31,
	2015		2014
Number of options exercised		-		19,950
Total intrinsic value of options exercised	$	-	$	67,417
Cash received from options exercised		-		62,445
Tax deduction realized from options exercised		-		26,926

Schedule of Stock Options, by Exercise Price Range

		Options outstanding						Options exercisable
Range of exercise prices		Options outstanding		Weighted average remaining contractual life (in years)		Weighted average exercise price		Options exercisable		Weighted average exercise price
$	0.00 - 4.00		89,000		4.0	$	3.85		89,000	$	3.85
	4.01 - 7.00		166,500		6.4		6.15		150,667		6.16
	7.01 - 10.00		155,975		6.7		7.97		79,979		7.45
	10.01 - 13.00		47,446		2.7		12.36		42,446		12.60
	Total		458,921		5.7	$	6.96		362,092	$	6.63

Compensation Expense Related to Stock Options

	For the three months ended March 31,
	2015		2014
Compensation expense	$	29,918	$	40,563
Income tax benefit		11,949		16,201

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation Related Costs, Share-based Payments

	For the three months ended March 31,
	2015		2014
Compensation expense	$	77,549	$	59,270
Income tax benefit		30,973		23,672

Summary of Nonvested Restricted Stock Activity

	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2014		77,750	$	7.24
Granted		34,800		9.27
Vested		(6,000)		6.78
Forfeited		-		-
Nonvested restricted stock at March 31, 2015		106,550	$	7.91

Restricted Stock Grants

	For the three months ended March 31,
	2015		2014
Number of shares granted		34,800		10,000
Average grant date fair value	$	9.27	$	7.84