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STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 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

The expected dividend yield was based on a 12-month rolling average of the Company’s dividend yield. The expected volatility is the standard deviation of the change in the natural logarithm of the stock price (expressed as an annual rate) for the expected term shown above. The expected term was based on historic exercise patterns for similar grants. The risk-free interest rate is the 10-year Treasury Constant Maturity rate as of the date of the grants.

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		(54,000	)		13.54
Expired		---
Outstanding at September 30, 2012		429,750		$	18.23		4.66	$	2,150

Options exercisable at September 30, 2012		396,000		$	18.16		4.23	$	2,007

The total intrinsic value of options exercised during the nine months ended September 30, 2012 was approximately $395,800.

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 September 30, 2012		33,750	$	2.92

As of September 30, 2012, there was $59,500 of total unrecognized expense related to non-vested option shares granted under the Plan. The cost will be recognized over the remaining 0.61 year vesting period of the unvested options.