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STOCK COMPENSATION PLANS (Tables)

6 Months Ended

Jun. 30, 2012

Weighted-average assumptions used for grants option

The fair value of each option grant is estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in 2012 and 2011. All options were granted at market value with a 10-year option term with a vesting period of one year from the date of grant.

	2012			2011
Expected Dividend Yield		4.18	%		3.99	%
Expected Stock Price Volatility		25.13	%		24.97	%
Weighted Average Risk-Free Interest Rate		1.87	%		3.12	%
Weighted Average Expected Life of Options (in years)		9.47			8.36

Shares of Class A Non-Voting Common Stock under option

The following summary reflects changes in the shares of Class A Stock underlying options:

	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)
Plan options
Outstanding at January 1, 2012		450,000		$	17.61
Granted		33,750			19.01
Exercised		(27,000	)		13.01
Expired		---
Outstanding at June 30, 2012		456,750		$	17.98		4.67	$	1,625

Options exercisable at June 30, 2012		423,000		$	17.90		4.26	$	1,540

The total intrinsic value of options exercised during the six months ended June 30, 2012 was approximately $166,400.

Non-vested shares of Class A Stock under option

The following summary reflects changes in the non-vested shares of Class A Stock underlying options:

Non-vested Shares	Option Shares		Weighted Average Grant – Date Fair Value Per Option
Non-vested at January 1, 2012		33,750	$	3.50
Granted		33,750		2.92
Vested		33,750		3.50
Canceled		---		----
Non-vested at June 30, 2012		33,750	$	2.92

As of June 30, 2012, there was $84,000 of total unrecognized expense related to non-vested option shares granted under the Plan. The cost will be recognized over the remaining 0.86 year vesting period of the unvested options.