STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2014

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 2014 and 2013. 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.

	2014			2013
Expected Dividend Yield		3.88	%		3.63	%
Expected Stock Price Volatility		26.50	%		26.16	%
Weighted Average Risk-Free Interest Rate		2.24	%		1.68	%
Weighted Average Expected Life of Options (in years)		7.52			9.41

Shares of Class A Non-Voting Common Stock under option

The following summary reflects changes in the shares of Class A Stock underlying options for the nine months ended September 30, 2014:

	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)
Plan options
Outstanding at January 1, 2014		387,000		$	18.96				1,542
Granted		33,750			21.86				–
Exercised		(40,500	)		16.13				238
Expired		–			–				–
Outstanding at September 30, 2014		380,250		$	19.52		4.70	$	404

Options exercisable at September 30, 2014		346,500		$	19.30		4.22	$	404

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 for the nine months ended September 30, 2014:

Non-vested Shares	Option Shares			Weighted Average Grant – Date Fair Value Per Option
Non-vested at January 1, 2014		33,750		$	4.04
Granted		33,750			3.94
Vested		(33,750	)		4.04
Canceled		–			–
Non-vested at September 30, 2014		33,750		$	3.94