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Stock Option Plans | 6 Months Ended
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Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Option Plans | Stock Option Plans The Company has established two stock incentive plans, the 1993 plan and the 2004 plan, as amended, (together, the “Plans”). Under the Plans, options were granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. 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, 2014. Stock options issued
| Directors
Grant date | 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 | 5/9/2014 | Subtotals
Total grant | 30,000 |  | 30,000 |  | 30,000 |  | 30,000 |  | 32,500 |  | 32,500 |  | 32,500 |  | 35,000 |  | 35,000 |  | 30,000 |  | 317,500 |
Vested | 30,000 |  | 30,000 |  | 30,000 |  | 30,000 |  | 32,500 |  | 32,500 |  | 32,500 |  | 35,000 |  | 35,000 |  | 30,000 |  | 317,500 |
Exercised | 22,500 |  | 10,000 |  | — |  | — |  | 20,000 |  | 10,000 |  | 10,000 |  | 10,000 |  | 7,500 |  | — |  | 90,000 |
Forfeited | — |  | 2,500 |  | 7,500 |  | 7,500 |  | — |  | 2,500 |  | 2,500 |  | — |  | — |  | — |  | 22,500 |
Exercisable at June 30, 2014 | 7,500 |  | 17,500 |  | 22,500 |  | 22,500 |  | 12,500 |  | 20,000 |  | 20,000 |  | 25,000 |  | 27,500 |  | 30,000 |  | 205,000 |
Remaining unexercised | 7,500 |  | 17,500 |  | 22,500 |  | 22,500 |  | 12,500 |  | 20,000 |  | 20,000 |  | 25,000 |  | 27,500 |  | 30,000 |  | 205,000 |
Exercise price | $ | 33.22 |  | $ | 40.35 |  | $ | 54.17 |  | $ | 50.15 |  | $ | 32.68 |  | $ | 38.76 |  | $ | 41.82 |  | $ | 39.29 |  | $ | 44.42 |  | $ | 47.03 |  |
Volatility | 0.198 |  | 0.206 |  | 0.225 |  | 0.237 |  | 0.344 |  | 0.369 |  | 0.358 |  | 0.348 |  | 0.333 |  | 0.173 |  |
Expected life (years) | 10.0 |  | 9.0 |  | 8.0 |  | 7.0 |  | 6.0 |  | 5.0 |  | 5.0 |  | 5.0 |  | 5.0 |  | 5.0 |  |
Assumed yield | 6.91 | % | 5.93 | % | 4.39 | % | 4.09 | % | 4.54 | % | 4.23 | % | 4.16 | % | 4.61 | % | 4.53 | % | 4.48 | % |
Risk-free rate | 4.28 | % | 5.11 | % | 4.65 | % | 3.49 | % | 2.19 | % | 2.17 | % | 1.86 | % | 0.78 | % | 0.82 | % | 1.63 | % |
Total value at grant date | $ | 71,100 |  | $ | 143,400 |  | $ | 285,300 |  | $ | 254,700 |  | $ | 222,950 |  | $ | 287,950 |  | $ | 297,375 |  | $ | 244,388 |  | $ | 262,946 |  | $ | 101,726 |  | $ | 2,171,835 |
Expensed in previous years | 71,100 |  | 143,400 |  | 285,300 |  | 254,700 |  | 222,950 |  | 287,950 |  | 297,375 |  | 244,388 |  | 262,946 |  | — |  | 2,070,109 |
Expensed in 2014 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 101,726 |  | 101,726 |
Future expense | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
| Officers
Grant date | 5/6/2005 | 4/27/2007 | 5/13/2011 | 5/4/2012 | 5/10/2013 | 5/9/2014 | Subtotals |  |  |  | Grand Totals
Total grant | 132,500 |  | 135,000 |  | 162,500 |  | 242,500 |  | 202,500 |  | 170,000 |  | 1,045,000 |  |  |  |  | 1,362,500 |
Vested | 118,750 |  | 67,500 |  | 105,625 |  | 56,250 |  | 50,625 |  | — |  | 398,750 |  |  |  |  | 716,250 |
Exercised | 84,850 |  | — |  | 30,955 |  | 18,902 |  | 8,853 |  | — |  | 143,560 |  |  |  |  | 233,560 |
Forfeited | 13,750 |  | 67,500 |  | 43,750 |  | 135,000 |  | 30,000 |  | — |  | 290,000 |  |  |  |  | 312,500 |
Exercisable at June 30, 2014 | 33,900 |  | 67,500 |  | 63,420 |  | 37,348 |  | 41,772 |  | — |  | 243,940 |  |  |  |  | 448,940 |
Remaining unexercised | 33,900 |  | 67,500 |  | 87,795 |  | 88,598 |  | 163,647 |  | 170,000 |  | 611,440 |  |  |  |  | 816,440 |
Exercise price | $ | 33.22 |  | $ | 54.17 |  | $ | 41.82 |  | $ | 39.29 |  | $ | 44.42 |  | $ | 47.03 |  |  |  |  |  |
Volatility | 0.207 |  | 0.233 |  | 0.330 |  | 0.315 |  | 0.304 |  | 0.306 |  |  |  |  |  |
Expected life (years) | 8.0 |  | 6.5 |  | 8.0 |  | 8.0 |  | 8.0 |  | 7.0 |  |  |  |  |  |
Assumed yield | 6.37 | % | 4.13 | % | 4.81 | % | 5.28 | % | 5.12 | % | 4.89 | % |  |  |  |  |
Risk-free rate | 4.15 | % | 4.61 | % | 2.75 | % | 1.49 | % | 1.49 | % | 2.17 | % |  |  |  |  |
Gross value at grant date | $ | 413,400 |  | $ | 1,339,200 |  | $ | 1,366,625 |  | $ | 1,518,050 |  | $ | 1,401,300 |  | $ | 1,397,400 |  | $ | 7,435,975 |  |  |  |  | $ | 9,607,810 |
Estimated forfeitures | 35,100 |  | 80,350 |  | 387,550 |  | 889,690 |  | 280,468 |  | 174,700 |  | 1,847,858 |  |  |  |  | 1,847,858 |
Expensed in previous years | 378,300 |  | 1,258,850 |  | 692,088 |  | 261,807 |  | 209,027 |  | — |  | 2,800,072 |  |  |  |  | 4,870,181 |
Expensed in 2014 | — |  | — |  | 113,205 |  | 78,546 |  | 149,360 |  | 50,947 |  | 392,058 |  |  |  |  | 493,784 |
Future expense | — |  | — |  | 173,782 |  | 288,007 |  | 762,445 |  | 1,171,753 |  | 2,395,987 |  |  |  |  | 2,395,987 |
Weighted average term of remaining future expense (in years) | 3.1 |  |  |  |  |  |  |  |
The table below summarizes the option activity for the six months ended June 30, 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 |  | 200,000 |  |  | 47.03 |  |  | 314,000 |
Exercised |  | (99,685 | ) |  | 37.23 |  |  | 1,018,511 |
Expired/Forfeited |  | (37,500 | ) |  | 43.56 |  |  |
Outstanding June 30 |  | 816,440 |  |  | 44.26 |  |  | 4,078,348 |
Exercisable June 30 |  | 448,940 |  |  | 43.87 |  |  | 2,659,611 |
The intrinsic value measures the price difference between the options’ exercise price and the closing share price quoted by the New York Stock Exchange as of the date of measurement. The intrinsic value for shares exercised during the period was calculated by using the closing share price on the date of exercise. At June 30, 2014, the closing share price of $48.60 was lower than the exercise price of the 90,000 and 22,500 outstanding options granted in 2007 and 2008, respectively, and, therefore, those options had no intrinsic value as of June 30, 2014. The weighted average remaining contractual life of the Company’s outstanding and exercisable options is 7.2 years and 5.7 years, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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