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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Summary of RSUs Outstanding Under LTIP

A summary of the RSUs outstanding under the LTIP for the nine months ended September 30, 2016 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, 2016			91,603				10,872				102,475			$	53.88
Granted			79,241				9,901				89,142				33.73
Vested			0				0				0				0.00
Forfeited			0				0				0				0.00
Nonvested as of September 30, 2016			170,844				20,773				191,617			$	44.51

Weighted-Average Assumptions for Estimating Fair Values

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

The weighted-average grant-date fair value of options granted during 2015 was $11.78.

		2015
Risk-free interest rate			2.1	%
Dividend yield			1.6	%
Expected life (years)			5
Expected volatility			37.9	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP for nine months ended September 30, 2016 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, 2016			56,250			$	55.30
Granted			0			$	0.00
Exercised			(1,000	)		$	37.44
Forfeited			(3,000	)		$	71.62
Outstanding (vested and expected to vest) at September 30, 2016			52,250			$	54.71				6.2			$	5
Exercisable at September 30, 2016			31,750			$	58.17				7.1			$	5

Stock Options [Member]

Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the nine months ended September 30, 2016 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, 2016			12,000			$	41.44
Granted			0			$	0.00
Exercised			(6,450	)		$	35.50
Forfeited			0			$	0.00
Outstanding (exercisable and vested) at September 30, 2016			5,550			$	48.35				2.1			$	4

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- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

+ 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 (c)(1)
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
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+ References

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