Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Transactions Under the Company’s Stock Option Plans

Transactions under the Company’s stock option plans for the three months endedMarch 31, 2017 are summarized in the following table:

	Shares		Weighted average exercise price		Weighted average remaining contractual life in years	Aggregate intrinsic value
Outstanding at December 31, 2016	552,759		$	7.26	5.7	$	4,663,432
Options granted	47,100		16.37
Options exercised	(17,064	)	7.91
Options forfeited	—		—
Options expired	(607	)	11.48
Outstanding at March 31, 2017	582,188		$	7.98	5.9	$	5,224,156
Exercisable at March 31, 2017	410,995		$	6.14	4.5	$	4,442,273

Stock Options, Valuation Assumptions

The fair values of the options granted during the three months ended March 31, 2017 and 2016 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the three months ended March 31,
	2017			2016
Number of options granted	47,100			97,900
Weighted average exercise price	$	16.37		$	10.06
Weighted average fair value of options	$	4.64		$	3.19
Expected life in years (1)	6.57			6.85
Expected volatility (2)	28.12		%	31.91		%
Risk-free interest rate (3)	2.18		%	1.79		%
Dividend yield (4)	1.15		%	1.44		%

(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.

Schedule of Cash Proceeds Received from Share-based Payment Awards

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options. The following table presents information about options exercised during the three months ended March 31, 2017 and 2016:

	For the three months ended March 31,
	2017		2016
Number of options exercised	17,064		—
Total intrinsic value of options exercised	$	147,690	$	—
Cash received from options exercised	$	134,955	$	—
Tax deduction realized from options	$	60,331	$	—

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at March 31, 2017:

		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	96,800	1.9	$	3.54	96,800	$	3.54
	4.01 - 8.00	242,688	4.4	6.26		242,321	6.25
	8.01 - 12.00	166,100	8.5	9.52		71,874	9.27
	12.01 - 16.00	46,600	9.7	15.00		—	—
	16.01 - 20.00	30,000	9.9	16.75		—	—
	Total	582,188	5.9	$	7.98	410,995	$	6.14

Summary of Nonvested Restricted Stock Activity

The following table summarizes nonvested restricted stock activity for the three months ended March 31,2017:

	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2016	97,203		$	9.47
Granted	38,400		16.36
Cancelled	—		—
Vested	(29,016	)	8.80
Nonvested restricted stock at March 31, 2017	106,587		$	12.13

Restricted Stock Grants

Restricted stock awards granted during the three months ended March 31, 2017 and 2016 were as follows:

	For the three months ended March 31,
	2017		2016
Number of shares granted	38,400		33,385
Average grant date fair value	$	16.36	$	10.19

Allocation of Share-based Compensation Costs

	For the three months ended March 31,
	2017		2016
Compensation expense	$	69,817	$	55,983
Income tax benefit	$	28,520	$	22,869

Compensation expense related to restricted stock for the three months ended March 31, 2017 and 2016 is detailed in the following table:

	For the three months ended March 31,
	2017		2016
Compensation expense	$	141,804	$	76,118
Income tax benefit	$	57,927	$	31,097

Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized

The following table summarizes the components of the net periodic pension cost of the defined benefit plan recognized during the three months ended March 31,2017 and 2016:

	For the three months ended March 31,
(In thousands)	2017		2016
Service cost	$	16	$	15
Interest cost	10		10
Amortization of prior service cost	21		20
Net periodic benefit cost	$	47	$	45

Summary Of Changes In Benefit Obligations Of Defined Benefit Plan

The following table summarizes the changes in benefit obligations of the defined benefit plan during the three months endedMarch 31, 2017 and 2016:

	For the three months ended March 31,
(In thousands)	2017		2016
Benefit obligation, beginning of year	$	1,023	$	923
Service cost	16		15
Interest cost	10		10
Actuarial gain (loss)	—		—
Benefit obligation, end of period	$	1,049	$	948