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Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2016

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 nine months ended September 30, 2016.

Stock options issued

	Directors
Grant date	4/27/2007			4/25/2008			4/24/2009			5/7/2010			5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			5/6/2016			Subtotals
Total grant	30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			325,000
Vested	30,000			30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			325,000
Exercised	10,000			12,500			25,000			17,500			17,500			17,500			15,000			10,000			5,000			—			130,000
Forfeited	7,500			7,500			—			2,500			2,500			—			—			—			—			—			20,000
Exercisable at September 30, 2016	12,500			10,000			7,500			12,500			12,500			17,500			20,000			20,000			30,000			32,500			175,000
Remaining unexercised	12,500			10,000			7,500			12,500			12,500			17,500			20,000			20,000			30,000			32,500			175,000
Exercise price	$	54.17		$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74
Volatility	0.225			0.237			0.344			0.369			0.358			0.348			0.333			0.173			0.166			0.166
Expected life (years)	8.0			7.0			6.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield	4.39		%	4.09		%	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%	3.75		%
Risk-free rate	4.65		%	3.49		%	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%	1.23		%
Total value at grant date	$	285,300		$	254,700		$	222,950		$	287,950		$	297,375		$	257,250		$	278,250		$	109,500		$	125,300		$	151,125		$	2,269,700
Expensed in previous years	285,300			254,700			222,950			287,950			297,375			257,250			278,250			109,500			125,300			—			2,118,575
Expensed in 2016	—			—			—			—			—			—			—			—			—			151,125			151,125
Future expense	—			—			—			—			—			—			—			—			—			—			—
	Officers
Grant date	4/27/2007			5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			5/6/2016			Subtotal									Grand  Totals
Total grant	135,000			162,500			242,500			202,500			170,000			190,000			194,000			1,296,500									1,621,500
Vested	67,500			118,750			107,500			131,875			85,000			47,500			—			558,125									883,125
Exercised	67,500			92,915			76,142			63,750			25,000			5,625			—			330,932									460,932
Forfeited	67,500			43,750			135,000			30,000			—			—			—			276,250									296,250
Exercisable at September 30, 2016	—			25,835			31,358			68,125			60,000			41,875			—			227,193									402,193
Remaining unexercised	—			25,835			31,358			108,750			145,000			184,375			194,000			689,318									864,318
Exercise price	$	54.17		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74
Volatility	0.233			0.330			0.315			0.304			0.306			0.298			0.185
Expected life (years)	6.5			8.0			8.0			8.0			7.0			7.0			7.0
Assumed yield	4.13		%	4.81		%	5.28		%	5.12		%	4.89		%	4.94		%	3.80		%
Risk-free rate	4.61		%	2.75		%	1.49		%	1.49		%	2.17		%	1.89		%	1.55		%
Gross value at grant date	$	1,339,200		$	1,366,625		$	1,518,050		$	1,401,300		$	1,349,800		$	1,584,600		$	1,136,840		$	9,696,415								$	11,966,115
Estimated forfeitures	62,000			367,937			845,100			280,468			168,749			141,780			86,628			1,952,662									1,952,662
Expensed in previous years	1,277,200			998,688			575,994			762,034			492,120			240,472			—			4,346,508									6,465,083
Expensed in 2016	—			—			96,956			201,825			221,454			270,531			109,395			900,161									1,051,286
Future expense	—			—			—			156,973			467,477			931,817			940,817			2,497,084									2,497,084
Weighted average term of remaining future expense (in years)							2.6

Summary of Option Activity

The table below summarizes the option activity for the nine months ended September 30, 2016:

		Number of Shares			Weighted Average Exercise Price per share				Aggregate Intrinsic Value
Outstanding at January 1		860,274			$	46.58			$	4,237,456
Granted		226,500			57.74				2,006,790
Exercised		(219,956	)		45.99				2,803,319
Expired/Forfeited		(2,500	)		40.35
Outstanding at September 30		864,318			49.68				14,627,287
Exercisable at September 30		402,193			46.38				8,130,910

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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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Tabular disclosure of the change in stock options.

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