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Stock Option Plans (Tables)

9 Months Ended

Sep. 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 nine months ended September 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			—			2,500			160,000
Forfeited	—			2,500			2,500			—			—			—			—			—			2,500			—			7,500
Exercisable at September 30, 2018	5,000			5,000			7,500			12,500			12,500			12,500			22,500			25,000			25,000			25,000			152,500
Remaining unexercised	5,000			5,000			7,500			12,500			12,500			12,500			22,500			25,000			25,000			25,000			152,500
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			92,455			129,375			46,126			20,625			3,750			—			—			396,081						556,081
Forfeited	43,750			135,000			30,625			1,875			3,125			1,875			—			—			216,250						223,750
Exercisable at September 30, 2018	15,000			15,045			42,500			121,999			120,000			92,625			51,250			—			458,419						610,919
Remaining unexercised	15,000			15,045			42,500			121,999			166,250			188,375			205,000			217,500			971,669						1,124,169
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			270,531			196,911			231,120			128,180			1,078,991						1,248,391
Future expense	—			—			—			—			210,401			415,721			796,098			1,102,363			2,524,583						2,524,583
Weighted average term of remaining future expense (in years)	2.7

Summary of Option Activity

The table below summarizes the option activity for the nine months ended September 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				1,602,300
Exercised		(29,151	)		44.64				415,119
Expired/Forfeited		(5,000	)		54.78
Outstanding at September 30		1,124,169			52.28				5,341,971
Exercisable at September 30		610,919			50.72				3,691,508

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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

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

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Tabular disclosure of the change in stock options.

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