Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

A summary of the RSUs for the nine months ended September 30, 2015 is as follows:


	Restricted Share Units
	Performance				Total		Weighted-Average
	and Service		Service		Restricted		Grant-Date
	Required		Required		Share Units		Fair Value
Nonvested as of January 1, 2015		88,508		10,413		98,921	$	67.36
Granted		50,927		6,073		57,000		45.85
Vested		0		0		0		0.00
Forfeited		0		0		0		0.00

Nonvested as of September 30, 2015		139,435		16,486		155,921	$	59.50

Weighted-Average Assumptions for Estimating Fair Values

The fair value for the stock options granted in 2015 and 2014 were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	2015			2014
Risk-free interest rate		2.1	%		1.8	%
Dividend yield		1.6	%		1.7	%
Expected life (years)		5			5
Expected volatility		38.5	%		44.3	%

Stock Options [Member]

Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the nine months ended September 30, 2015 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, 2015		12,000	$	41.44
Granted		0	$	0.00
Exercised		0	$	0.00
Forfeited		0	$	0.00

Outstanding (exercisable and vested) at September 30, 2015		12,000	$	41.44		2.1	$	11

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP plan for nine months ended September 30, 2015 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, 2015		47,750		$	58.11
Granted		2,000		$	37.44
Exercised		0		$	0.00
Forfeited		(2,000	)	$	52.21

Outstanding (vested and expected to vest) at September 30, 2015		47,750		$	57.50		8.2	$	0

Exercisable at September 30, 2015		22,250		$	60.48		7.3	$	0