Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

A summary of the restricted share awards for the year ended December 31, 2014 is as follows:


	Restricted Share Awards
	Performance and Service Required			Service Required			Total Restricted Awards			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		(38,090	)		(4,588	)		(42,678	)		60.77
Forfeited		(3,537	)		0			(3,537	)		60.77

Nonvested as of December 31, 2014		88,508			10,413			98,921		$	67.36

Weighted-Average Assumptions for Estimating Fair Values

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


	2014			2012			2011
Risk-free interest rate		1.9	%		1.3	%		1.4	%
Dividend yield		1.7	%		1.9	%		1.9	%
Expected life (years)		5			6			6
Expected volatility		42.9	%		47.0	%		47.1	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP plan for the year ended December 31, 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		35,500		$	60.47
Exercised		(1,250	)	$	52.10
Forfeited		(3,500	)	$	65.15

Outstanding (vested and expected to vest) at December 31, 2014		47,750		$	58.11		8.8	$	114

Exercisable at December 31, 2014		13,000		$	53.79		7.1	$	22

Stock Options [Member]

Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the year ended December 31, 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
Exercised		(1,000	)	$	22.10

Outstanding (exercisable and vested) at December 31, 2014		12,000		$	41.44		2.8	$	158