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Stock Option Plans (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015.

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	27,500			12,500			2,500			2,500			22,500			12,500			12,500			12,500			10,000			2,500			117,500
Forfeited	—			2,500			7,500			7,500			—			2,500			2,500			—			—			—			22,500
Exercisable at March 31, 2015	2,500			15,000			20,000			20,000			10,000			17,500			17,500			22,500			25,000			27,500			177,500
Remaining unexercised	2,500			15,000			20,000			20,000			10,000			17,500			17,500			22,500			25,000			27,500			177,500
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		$	257,250		$	278,250		$	109,500		$	2,207,775
Expensed in previous years	71,100			143,400			285,300			254,700			222,950			287,950			297,375			257,250			278,250			109,500			2,207,775
Expensed in 2015	—			—			—			—			—			—			—			—			—			—			—
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	118,750			14,097			57,504			38,750			21,875			—			250,976												368,476
Forfeited	13,750			67,500			43,750			135,000			30,000			—			290,000												312,500
Exercisable at March 31, 2015	—			53,403			36,871			17,500			28,750			—			136,524												314,024
Remaining unexercised	—			53,403			61,246			68,750			150,625			170,000			504,024												681,524
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		$	1,349,800		$	7,388,375											$	9,596,150
Estimated forfeitures	35,100			62,000			387,550			889,690			280,468			168,749			1,823,557												1,823,557
Expensed in previous years	378,300			1,277,200			909,563			418,899			492,937			196,848			3,673,747												5,881,522
Expensed in 2015	—			—			52,134			39,273			67,275			73,818			232,500												232,500
Future expense	—			—			17,378			170,188			560,620			910,385			1,658,571												1,658,571
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, 2015:

		Number of Shares			Weighted Average Exercise Price per share				Aggregate Intrinsic Value
Outstanding at January 1		748,208			$	44.79			$	9,274,028
Granted		—			—				—
Exercised		(66,684	)		43.12				969,165
Expired/Forfeited		—			—
Outstanding March 31		681,524			44.96				8,342,475
Exercisable March 31		314,024			45.22				3,763,237

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- 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

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- Definition

Tabular disclosure of the change in stock options.

+ References

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