Earnings Per Common Share And Share Awards (Tables)

9 Months Ended

Sep. 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 nine-month periods ended September 30:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Net income attributable to the Company	$	5,926,457	$	8,126,939	$	16,077,704	$	14,470,359
Weighted average common shares outstanding – Basic	1,887,103		1,888,870		1,886,474		1,915,468
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	9,126		6,722		9,483		6,531
Weighted average common shares outstanding – Diluted	1,896,229		1,895,592		1,895,957		1,921,999
Basic earnings per common share	$	3.14	$	4.30	$	8.52	$	7.55
Diluted earnings per common share	$	3.13	$	4.29	$	8.48	$	7.53

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 September 30, 2017	25,000		$	93.40	4.23	$	2,203,100

Exercisable as of September 30, 2017	22,750		$	83.58	4.00	$	2,203,100

Unvested as of September 30, 2017	2,250		$	192.71	6.63	$	—

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%