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Stock Option Plans (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018.

				Directors
Grant date	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			5/5/2017			Subtotals
Total grant	30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			27,500			322,500
Vested	30,000			32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			27,500			322,500
Exercised	20,000			27,500			25,000			22,500			22,500			22,500			17,500			12,500			7,500			—			177,500
Forfeited	7,500			—			2,500			2,500			—			—			—			—			—			—			12,500
Exercisable at March 31, 2018	2,500			5,000			5,000			7,500			12,500			12,500			12,500			22,500			25,000			27,500			132,500
Remaining unexercised	2,500			5,000			5,000			7,500			12,500			12,500			12,500			22,500			25,000			27,500			132,500
Exercise price	$	50.15		$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74		$	59.41
Volatility	0.237			0.344			0.369			0.358			0.348			0.333			0.173			0.166			0.166			0.173
Expected life (years)	7.0			6.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield	4.09		%	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%	3.75		%	3.45		%
Risk-free rate	3.49		%	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%	1.23		%	1.89		%
Total value at grant date	$	254,700		$	222,950		$	287,950		$	297,375		$	257,250		$	278,250		$	109,500		$	125,300		$	151,125		$	165,550		$	2,149,950
Expensed in previous years	254,700			222,950			287,950			297,375			257,250			278,250			109,500			125,300			151,125			165,550			2,149,950
Expensed in 2018	—			—			—			—			—			—			—			—			—			—			—
Future expense	—			—			—			—			—			—			—			—			—			—			—
				Officers
Grant date	5/13/2011			5/4/2012			5/10/2013			5/9/2014			5/8/2015			5/6/2016			5/5/2017			Subtotal									Grand  Totals
Total grant	162,500			242,500			202,500			170,000			190,000			194,000			205,000			1,366,500									1,689,000
Vested	118,750			107,500			171,875			126,875			94,375			48,500			—			667,875									990,375
Exercised	103,750			91,830			116,500			41,250			20,000			3,750			—			377,080									554,580
Forfeited	43,750			135,000			30,625			1,875			3,125			1,875			—			216,250									228,750
Exercisable at March 31, 2018	15,000			15,670			55,375			85,625			74,375			44,750			—			290,795									423,295
Remaining unexercised	15,000			15,670			55,375			126,875			166,875			188,375			205,000			773,170									905,670
Exercise price	$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74		$	59.41
Volatility	0.330			0.315			0.304			0.306			0.298			0.185			0.170
Expected life (years)	8.0			8.0			8.0			7.0			7.0			7.0			7.0
Assumed yield	4.81		%	5.28		%	5.12		%	4.89		%	4.94		%	3.80		%	3.50		%
Risk-free rate	2.75		%	1.49		%	1.49		%	2.17		%	1.89		%	1.55		%	2.17		%
Gross value at grant date	$	1,366,625		$	1,518,050		$	1,401,300		$	1,349,800		$	1,584,600		$	1,136,840		$	1,324,300		$	9,681,515								$	11,831,465
Estimated forfeitures	367,937			845,100			211,925			14,887			141,780			86,628			91,642			1,759,899									1,759,899
Expensed in previous years	998,688			672,950			1,189,375			1,082,664			961,888			437,580			205,440			5,548,585									7,698,535
Expensed in 2018	—			—			—			189,214			90,177			65,637			77,040			422,068									422,068
Future expense	—			—			—			63,035			390,755			546,995			950,178			1,950,963									1,950,963
Weighted average term of remaining future expense (in years)	2.3

Summary of Option Activity

The table below summarizes the option activity for the three months ended March 31, 2018:

		Number of Shares			Weighted Average Exercise Price per share				Aggregate Intrinsic Value
Outstanding at January 1		913,320			$	52.80			$	8,172,970
Granted		—			—				—
Exercised		(7,650	)		41.82				153,306
Expired/Forfeited		—			—
Outstanding at March 31		905,670			52.89				1,683,170
Exercisable at March 31		423,295			49.06				1,520,644

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ 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 (d)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

Reference 3: 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=96867065&loc=d3e5070-113901

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Tabular disclosure of the change in stock options.

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