Stock Purchase and Option Plans

12 Months Ended

Dec. 31, 2016

Stock Purchase and Option Plans [Abstract]

Stock Purchase and Option Plans

Note I - Stock Purchase and Option Plans

In accordance with the terms of the 1981 Stock Purchase Plan (the "1981 Plan"), the Company is obligated to repurchase shares issued under the 1981 Plan, at a price equal to 90% of the book value of the shares at the end of the quarter immediately preceding the date of repurchase from two outside directors.  A limited number of shares have ever been repurchased under the 1981 Plan.  At December 31, 2016, there were 60,938 shares (Class A) and 240,938 shares (Class B) outstanding which remain eligible for repurchase by the Company.

Restricted Stock:

Each year, beginning in 2009, the Company has issued shares of class B restricted stock to the Company's outside directors.  The shares serve as the annual retainer compensation for the outside directors for the periods shown below.  The shares are distributed on the vesting date and have a total value of $440, $480 and $440 for the annual periods ended 2016, 2015 and 2014, respectively.  The table below provides detail of the stock issuances for 2016, 2015 and 2014:

Effective	Number of Shares		Vesting		Value
Date	Issued		Date	Period	Per Share
5/8/2014		17,237	5/8/2015	7/1/2014 - 6/30/2015		$	25.53
5/12/2015		21,252	5/12/2016	7/1/2015 - 6/30/2016		$	22.59
5/10/2016		17,677	5/10/2017	7/1/2016 - 6/30/2017		$	24.89

Compensation expense related to the above stock grants is recognized over the period in which the directors render the services.

Director compensation cost associated with restricted stock grants of $460, $460 and $440 was charged against income for the restricted stock granted in 2016, 2015 and 2014, respectively.

Effective February 5, 2016, the Company issued 47,333 shares of Class B restricted stock to certain of the Company's executives under the company's Restricted Stock Compensation Plan.  The restricted shares will be paid solely in the Company's Class B common stock.  The restricted shares represent a portion of the calendar year 2015 compensation to certain executives under the terms of the Company's Executive Incentive Bonus Plan.  The restricted shares will vest ratably over a three-year period from the date of grant and are accelerated for retirement eligible recipients in accordance with the non-substantive post-grant date vesting clause of ASC Topic 715, Compensation—Retirement Benefits.  The restricted shares were valued based on the closing price of the Company's Class B common stock on the day the award was granted.  Each share was valued at $23.30 per share, representing a total value of $1,103.  Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability, or retirement as defined by the Compensation Committee.

Effective February 8, 2017, the Company issued 20,181 shares of Class B restricted stock to certain of the Company's executives under the company's Restricted Stock Compensation Plan.  The restricted shares will be paid solely in the Company's Class B common stock.  The restricted shares represent a portion of the calendar year 2016 compensation to certain executives under the terms of the Company's Executive Incentive Bonus Plan.  The restricted shares will vest over a three-year period from the date of grant.  The restricted shares were valued based on the closing price of the Company's Class B common stock on the day the award was granted.  Each share was valued at $23.80 per share representing a total value of $480.  Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability, or retirement as defined by the Compensation Committee.