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Stock Based Compensation (Tables)

12 Months Ended

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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- References

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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

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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

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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

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