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Stock Option Plans (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2018.

	Directors
Grant date	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			5/11/2018			Subtotals
Total grant	32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			27,500			27,500			320,000
Vested	32,500			32,500			32,500			35,000			35,000			30,000			35,000			32,500			27,500			27,500			320,000
Exercised	27,500			25,000			22,500			22,500			22,500			17,500			12,500			7,500			—			—			157,500
Forfeited	—			2,500			2,500			—			—			—			—			—			—			—			5,000
Exercisable at June 30, 2018	5,000			5,000			7,500			12,500			12,500			12,500			22,500			25,000			27,500			27,500			157,500
Remaining unexercised	5,000			5,000			7,500			12,500			12,500			12,500			22,500			25,000			27,500			27,500			157,500
Exercise price	$	32.68		$	38.76		$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74		$	59.41		$	49.46
Volatility	0.344			0.369			0.358			0.348			0.333			0.173			0.166			0.166			0.173			0.192
Expected life (years)	6.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Assumed yield	4.54		%	4.23		%	4.16		%	4.61		%	4.53		%	4.48		%	4.54		%	3.75		%	3.45		%	3.70		%
Risk-free rate	2.19		%	2.17		%	1.86		%	0.78		%	0.82		%	1.63		%	1.50		%	1.23		%	1.89		%	2.84		%
Total value at grant date	$	222,950		$	287,950		$	297,375		$	257,250		$	278,250		$	109,500		$	125,300		$	151,125		$	165,550		$	169,400		$	2,064,650
Expensed in previous years	222,950			287,950			297,375			257,250			278,250			109,500			125,300			151,125			165,550			—			1,895,250
Expensed in 2018	—			—			—			—			—			—			—			—			—			169,400			169,400
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			5/11/2018			Subtotal						Grand  Totals
Total grant	162,500			242,500			202,500			170,000			190,000			194,000			205,000			217,500			1,584,000						1,904,000
Vested	118,750			107,500			171,875			168,125			140,625			96,375			51,250			—			854,500						1,174,500
Exercised	103,750			91,830			116,500			41,250			20,000			3,750			—			—			377,080						534,580
Forfeited	43,750			135,000			30,625			1,875			3,125			1,875			—			—			216,250						221,250
Exercisable at June 30, 2018	15,000			15,670			55,375			126,875			120,625			92,625			51,250			—			477,420						634,920
Remaining unexercised	15,000			15,670			55,375			126,875			166,875			188,375			205,000			217,500			990,670						1,148,170
Exercise price	$	41.82		$	39.29		$	44.42		$	47.03		$	51.07		$	57.74		$	59.41		$	49.46
Volatility	0.330			0.315			0.304			0.306			0.298			0.185			0.170			0.177
Expected life (years)	8.0			8.0			8.0			7.0			7.0			7.0			7.0			7.0
Assumed yield	4.81		%	5.28		%	5.12		%	4.89		%	4.94		%	3.80		%	3.50		%	3.75		%
Risk-free rate	2.75		%	1.49		%	1.49		%	2.17		%	1.89		%	1.55		%	2.17		%	2.94		%
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		$	1,313,700		$	10,995,215					$	13,059,865
Estimated forfeitures	367,937			845,100			211,925			14,887			141,780			86,628			91,642			83,157			1,843,056						1,843,056
Expensed in previous years	998,688			672,950			1,189,375			1,082,664			961,888			437,580			205,440			—			5,548,585						7,443,835
Expensed in 2018	—			—			—			252,249			180,354			131,274			154,080			51,272			769,229						938,629
Future expense	—			—			—			—			300,578			481,358			873,138			1,179,271			2,834,345						2,834,345
Weighted average term of remaining future expense (in years)	2.9

Summary of Option Activity

The table below summarizes the option activity for the six months ended June 30, 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		245,000			49.46				1,009,400
Exercised		(7,650	)		41.82				153,306
Expired/Forfeited		(2,500	)		50.15
Outstanding at June 30		1,148,170			52.17				3,865,121
Exercisable at June 30		634,920			50.58				2,852,934

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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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