Earnings Per Common Share And Share Awards (Tables)

6 Months Ended

Jun. 30, 2017

Computation Of Basic And Diluted Earnings Per Share

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,
	2017		2016		2017		2016
Net income attributable to the Company	$	5,675,192	$	4,529,380	$	10,151,247	$	6,343,420
Weighted average common shares outstanding – Basic	1,886,735		1,923,213		1,886,161		1,928,766
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	9,846		5,412		9,679		6,559
Weighted average common shares outstanding – Diluted	1,896,581		1,928,625		1,895,840		1,935,325
Basic earnings per common share	$	3.01	$	2.36	$	5.38	$	3.29
Diluted earnings per common share	$	2.99	$	2.35	$	5.35	$	3.28

Summary Of Share-Based Award Transactions

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, 2016	22,000		$	57.04	3.93	$	945,055
SARs granted	4,500		93.87
SARs exercised	(2,000	)	32.00
Outstanding as of December 31, 2016	24,500		$	65.85	3.85	$	836,640
SARs granted	4,500		192.71
SARs exercised	(4,000	)	36.38
Outstanding as of June 30, 2017	25,000		$	93.40	4.49	$	2,500,970

Exercisable as of June 30, 2017	21,625		$	77.90	4.11	$	2,498,506

Unvested as of June 30, 2017	3,375		$	192.71	6.88	$	2,464

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2017 and 2016 were $55.40 and $28.75, respectively, and were estimated using the weighted average assumptions shown in the table below.



	2017	2016
Expected Life in Years	7.0	7.0
Volatility	26.2%	28.9%
Interest Rate	2.0%	1.7%
Yield Rate	1.0%	1.0%