STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2013

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 2013 and 2012. 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.

	2013			2012
Expected Dividend Yield		3.63	%		4.18	%
Expected Stock Price Volatility		26.16	%		25.13	%
Weighted Average Risk-Free Interest Rate		1.68	%		1.87	%
Weighted Average Expected Life of Options (in years)		9.41			9.47

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, 2013		421,500		$	18.30				1,741
Granted		33,750			22.66
Exercised		(43,500	)		16.08				254
Expired		--
Outstanding at September 30, 2013		411,750		$	18.89		4.54	$	1,397

Options exercisable at September 30, 2013		378,000		$	18.56		4.09	$	1,397

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, 2013		33,750		$	2.92
Granted		33,750			4.04
Vested		(33,750	)		2.92
Canceled		--			--
Non-vested at September 30, 2013		33,750		$	4.04