XML 16 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8

Stock Option Plans (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options Issued

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, 2014.

Stock options issued

	Directors
Grant date	4/26/2004			5/6/2005			5/1/2006			4/27/2007			4/25/2008			4/24/2009			5/7/2010			5/13/2011			5/4/2012			5/10/2013			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			30,000			30,000			30,000			32,500			32,500			32,500			35,000			35,000			317,500
Exercised	30,000			22,500			5,000			—			—			17,500			5,000			5,000			5,000			2,500			92,500
Forfeited	—			—			2,500			7,500			7,500			—			2,500			2,500			—			—			22,500
Exercisable at March 31, 2014	—			7,500			22,500			22,500			22,500			15,000			25,000			25,000			30,000			32,500			202,500
Remaining unexercised	—			7,500			22,500			22,500			22,500			15,000			25,000			25,000			30,000			32,500			202,500
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
Expensed in previous years	66,600			71,100			143,400			285,300			254,700			222,950			287,950			297,375			244,388			262,946			2,136,709
Expensed in 2014	—			—			—			—			—			—			—			—			—			—			—
Future expense	—			—			—			—			—			—			—			—			—			—			—
	Officers
Grant date	4/26/2004			5/6/2005			4/27/2007			5/13/2011			5/4/2012			5/10/2013						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									714,375
Exercised	115,000			84,850			—			16,250			1,875			—						217,975									310,475
Forfeited	7,500			13,750			67,500			41,250			130,000			—						260,000									282,500
Exercisable at March 31, 2014	—			33,900			67,500			51,250			26,250			—						178,900									381,400
Remaining unexercised	—			33,900			67,500			105,000			110,625			202,500						519,525									722,025
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			692,088			261,807			209,027						3,074,920									5,211,629
Expensed in 2014	—			—			—			58,838			39,271			78,384						176,493									176,493
Future expense	—			—			—			274,568			327,270			966,753						1,568,591									1,568,591
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, 2014:

		Number of Shares			Weighted Average Exercise Price per share				Aggregate Intrinsic Value
Outstanding at January 1		753,625			$	42.55			$	4,529,206
Granted		—			—				$	—
Exercised		(31,600	)		29.39				$	555,959
Expired/Forfeited		—			—				—
Outstanding March 31		722,025			43.14				$	3,724,265
Exercisable March 31		381,400			43.49				$	2,150,234

X

- Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in stock options.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfStockOptionsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration