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Stock Option Plans (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017.

	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	17,500			17,500			25,000			20,000			17,500			17,500			15,000			10,000			5,000			—			145,000
Forfeited	7,500			7,500			—			2,500			2,500			—			—			—			—			—			20,000
Exercisable at March 31, 2017	5,000			5,000			7,500			10,000			12,500			17,500			20,000			20,000			30,000			32,500			160,000
Remaining unexercised	5,000			5,000			7,500			10,000			12,500			17,500			20,000			20,000			30,000			32,500			160,000
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			151,125			2,269,700
Expensed in 2017	—			—			—			—			—			—			—			—			—			—			—
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			93,540			91,830			68,750			31,250			6,250			—			359,120									504,120
Forfeited	67,500			43,750			135,000			30,625			1,250			1,875			—			280,000									300,000
Exercisable at March 31, 2017	—			25,210			15,670			63,125			53,750			41,250			—			199,005									359,005
Remaining unexercised	—			25,210			15,670			103,125			137,500			181,875			194,000			657,380									817,380
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			211,925			168,749			141,780			86,628			1,884,119									1,884,119
Expensed in previous years	1,277,200			998,688			672,950			1,031,134			787,392			601,180			175,032			5,543,576									7,813,276
Expensed in 2017	—			—			—			67,278			73,818			90,177			65,637			296,910									296,910
Future expense	—			—			—			90,963			319,841			751,463			809,543			1,971,810									1,971,810
Weighted average term of remaining future expense (in years)							2.2

Summary of Option Activity

The table below summarizes the option activity for the three months ended March 31, 2017:

		Number of Shares			Weighted Average Exercise Price per share				Aggregate Intrinsic Value
Outstanding at January 1		833,630			$	49.92			$	13,913,891
Granted		—			—				—
Exercised		(16,250	)		49.52				238,704
Expired/Forfeited		—			—
Outstanding at March 31		817,380			49.93				9,557,370
Exercisable at March 31		359,005			46.55				5,411,144

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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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