Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

A summary of the RSUs for the nine months ended September 30, 2014 is as follows:


	Restricted Share Units
	Performance and Service Required		Service Required		Total Restricted Share Units		Weighted-Average Grant-Date Fair Value
Nonvested as of January 1, 2014		89,459		10,202		99,661	$	65.86
Granted		40,676		4,799		45,475		63.95
Vested		0		0		0		0.00
Forfeited		0		0		0		0.00

Nonvested as of September 30, 2014		130,135		15,001		145,136	$	65.26

Weighted-Average Assumptions for Estimating Fair Values

The fair value for the stock options granted in 2014 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	2014
Risk-free interest rate		1.8	%
Dividend yield		1.7	%
Expected life (years)		5
Expected volatility		44.3	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP plan for the nine months ended September 30, 2014 was as follows:


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding at January 1, 2014		17,000		$	54.20
Granted		22,000		$	68.20
Exercised		(1,250	)	$	52.10
Forfeited		(2,750	)	$	67.50

Outstanding (vested and expected to vest) at September 30, 2014		35,000		$	62.03		8.6	$	269

Exercisable at September 30, 2014		11,375		$	54.30		7.4	$	4

Stock Options [Member]

Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the nine months ended September 30, 2014 was as follows:


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding at January 1, 2014		13,000		$	39.95
Granted		0		$	0.00
Exercised		(1,000	)	$	22.10
Forfeited		0		$	0.00

Outstanding (exercisable and vested) at September 30, 2014		12,000		$	41.44		3.1	$	136