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Earnings Per Common Share And Share Awards | 6 Months Ended
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Jun. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Common Share And Share Awards | Earnings Per Common Share and Share Awards Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in retained earnings, if any, are assumed to be used to repurchase shares in the current period. The number of incremental dilutive potential common shares, calculated using the treasury stock method, was 5,412 and 4,797 for the three-month periods ended June 30, 2016 and 2015, respectively and 6,559 and 5,160 for the six-month periods ended June 30, 2016 and 2015, respectively. The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30:
| Three Months Ended June 30, | Six Months Ended June 30,
| 2016 |  | 2015 | 2016 |  | 2015
Net income attributable to the Company | $ | 4,529,380 |  |  | $ | 4,120,497 |  | $ | 6,343,420 |  |  | $ | 5,846,621 |
Weighted average common shares outstanding – Basic | 1,923,213 |  |  | 2,004,698 |  | 1,928,766 |  |  | 2,008,718 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 5,412 |  |  | 4,797 |  | 6,559 |  |  | 5,160 |
Weighted average common shares outstanding – Diluted | 1,928,625 |  |  | 2,009,495 |  | 1,935,325 |  |  | 2,013,878 |
Basic earnings per common share | $ | 2.36 |  |  | $ | 2.06 |  | $ | 3.29 |  |  | $ | 2.91 |
Diluted earnings per common share | $ | 2.35 |  |  | $ | 2.05 |  | $ | 3.28 |  |  | $ | 2.90 |
There were 0 and 4,500 potential shares excluded from the computation of diluted earnings per share for the three-month periods ended June 30, 2016 and 2015, respectively. There were 4,500 potential shares excluded from the computation of diluted earnings per share for both the six-month periods ended June 30, 2016 and 2015, respectively. Potential shares that were excluded from the computations had exercise prices that were greater than the stock price and were therefore considered antidilutive. The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") of the Company's stock may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. There is currently one active plan from which the Company may grant share-based awards. The awards eligible to be granted under the active plan are limited to SARs, and the maximum aggregate number of shares of common stock of the Company available pursuant to the plan for the grant of SARs is 250,000 shares. As of June 30, 2016, the only outstanding awards under the plans were SARs expiring in five to seven years from the date of grant, all of which vest and are exercisable within one year of the date of grant. All SARs issued to date have been share-settled only. A summary of share-based award transactions for all share-based award plans follows:
| Number Of Shares |  | Weighted Average Exercise Price |  | Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2015 | 21,000 |  |  | $ | 51.30 |  |  | 3.64 |  | $ | 453,510 |
SARs granted | 4,500 |  |  | 73.00 |  |  |  |  |  |
SARs exercised | (2,000 | ) |  | 47.88 |  |  |  |  |  |
Options exercised | (1,500 | ) |  | 36.79 |  |  |  |  |  |
Outstanding as of December 31, 2015 | 22,000 |  |  | $ | 57.04 |  |  | 3.93 |  | $ | 945,055 |
SARs granted | 4,500 |  |  | 93.87 |  |  |  |  |  |
SARs exercised | (2,000 | ) |  | 32.00 |  |  |  |  |  |
Outstanding as of June 30, 2016 | 24,500 |  |  | $ | 65.85 |  |  | 4.35 |  | $ | 720,265 |
Exercisable as of June 30, 2016 | 21,125 |  |  | $ | 61.38 |  |  | 3.95 |  | $ | 715,607 |
Unvested as of June 30, 2016 | 3,375 |  |  | $ | 93.87 |  |  | 6.88 |  | $ | 4,658 |
During the second quarters of both 2016 and 2015, the Company issued a total of 4,500 share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company's stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve at the time of the grant. The weighted average fair values for the SARs issued during 2016 and 2015 were $28.75 and $31.16, respectively. The weighted average fair values for SARs issued during 2016 and 2015 were estimated using the weighted average assumptions shown in the table below:
| 2016 |  | 2015
Expected life in years | 7.0 |  |  | 7.0 |
Volatility | 28.9 | % |  | 40.7 | %
Interest rate | 1.7 | % |  | 2.0 | %
Yield rate | 0.7 | % |  | 0.4 | %
There was approximately $67,000 and $68,000 of compensation expense relating to SARs or options vesting on or before June 30, 2016 and 2015, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of June 30, 2016, there was $97,000 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant.

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