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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of stock option activity | A summary of stock options activity is as follows:
|  | 2015 |  | 2014 |  | 2013 |
|  | Shares |  | Weighted average exercise price |  | Shares |  | Weighted average exercise price |  | Shares |  | Weighted average exercise price |
Options outstanding, beginning of year |  |  | 20,250 |  | $ | 16.65 |  |  | 38,625 |  | $ | 17.29 |  |  | 40,725 |  | $ | 16.99 |
Options granted |  |  | 30,000 |  |  | 23.30 |  |  | — |  |  | — |  |  | — |  |  | — |
Options exercised |  |  | 9,500 |  |  | 16.03 |  |  | 14,550 |  |  | 18.87 |  |  | 2,100 |  |  | 13.70 |
Options forfeited or expired |  |  | — |  |  | — |  |  | 3,825 |  |  | 18.51 |  |  | — |  |  | — |
Options outstanding, end of year |  |  | 40,750 |  | $ | 21.69 |  |  | 20,250 |  | $ | 16.65 |  |  | 38,625 |  | $ | 17.29 |
Options exercisable at December 31 |  |  | 18,250 |  | $ | 19.70 |  |  | 20,250 |  | $ | 16.65 |  |  | 38,625 |  | $ | 17.29 |
Schedule of outstanding stock options | Information pertaining to options outstanding at December 31, 2015 is as follows:
|  |  |  |  | Number of |  |  | Number of |  |  | Average |
|  |  |  |  | options |  |  | options |  |  | remaining |
|  |  |  |  | outstanding |  |  | exercisable at |  |  | contractual |
Exercise price of stock options: |  |  |  | at year-end |  |  | year-end |  |  | life (in years) |
$ | 13.50 |  |  |  | 2,000 |  |  | 2,000 |  |  | 2.07 |
$ | 17.95 |  |  |  | 8,000 |  |  | 8,000 |  |  | 1.05 |
$ | 18.85 |  |  |  | 750 |  |  | 750 |  |  | 0.05 |
$ | 23.30 |  |  |  | 30,000 |  |  | 7,500 |  |  | 9.97 |
Schedule of weighted-average assumptions as of the grant date | The fair value of stock options granted during 2015 was determined using the following weighted-average assumptions as of the grant date.
|  | 2015 |
Risk-free interest rate |  |  | 2.28 | %
Expected option life |  |  | 5.75 years |
Expected stock price volatility |  |  | 22.95 | %
Dividend yield |  |  | 3.64 | %
Fair value of options granted |  | $ | 3.54 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired 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) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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