STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2014

NOTE 8

STOCK COMPENSATION PLANS

On May 25, 2005, the Company adopted the 2005 Equity Compensation Plan, or the Plan, which replaced previous Non-Qualified Stock and Incentive Stock Option Plans. The Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the Plan) and deal with any other matters arising under the Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries are eligible for grants under the Plan. Non-employee directors of the Company are also eligible to receive grants under the Plan.

The following summary reflects changes in the shares of Class A Stock under option:

	2014 Shares			2014 Weighted Average Exercise Price		2013 Shares			2013 Weighted Average Exercise Price		2012 Shares			2012 Weighted Average Exercise Price
Plan options
Outstanding at beginning of year		387,000		$	18.96		421,500		$	18.30		450,000		$	17.61
Granted		33,750			21.86		33,750			22.66		33,750			19.01
Exercised		(44,500	)		16.45		(68,250	)		16.68		(62,250	)		13.68
Expired		—			—		—			—		—			—
Outstanding at end of year		376,250		$	19.52		387,000		$	18.96		421,500		$	18.30

Options exercisable at year end		342,500		$	19.29		353,250		$	18.61		387,750		$	18.24

The fair value per share of options granted during 2014, 2013 and 2012 were $3.95, $4.04 and $2.92, respectively, as estimated using the Black-Scholes Merton option pricing model. The total intrinsic value of options exercised during 2014, 2013 and 2012 were $247,000, $367,000 and $449,000, respectively. There were no fully vested shares granted during 2014. During 2014, we received $732,227 in cash from the exercise of options, with a $98,344 tax benefit realized for those options.

The following tables summarize information about employee and director stock options outstanding at December 31, 2014:

Options Outstanding
Range of Exercise Price			Shares Outstanding at December 31, 2014		Weighted Average Remaining Life	Weighted Average Exercise Price			Aggregate Intrinsic Value
	$	15.26 - $19.63		195,750	4.96 Years		$	18.28		$	843,939
	$	19.64 - $22.66		180,500	3.97 Years		$	20.89		$	313,057

Options Exercisable
Range of Exercise Price			Shares Exercisable at December 31, 2014		Weighted Average Remaining Life	Weighted Average Exercise Price			Aggregate Intrinsic Value
	$	15.26 - $19.63		195,750	4.96 Years		$	18.28		$	843,939
	$	19.64 - $22.66		146,750	2.74 Years		$	20.64		$	288,419

As of December 31, 2014, there was $46,000 of total unrecognized expense related to non-vested option shares granted under the Plan. The cost will be recognized over the remaining 0.34 years vesting period of the unvested options.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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