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STOCK COMPENSATION PLANS (Tables)

6 Months Ended

Jun. 30, 2015

STOCK COMPENSATION PLANS [Abstract]

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. 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
Expected Dividend Yield	3.88	%
Expected Stock Price Volatility	26.50	%
Weighted Average Risk-Free Interest Rate	2.24	%
Weighted Average Expected Life of Options (in years)	7.52

Shares of Class A Non-Voting Common Stock under option

		Option Shares				Weighted Average Exercise Price				Weighted Average Remaining Life (Yrs.)				Aggregate Intrinsic Value
Plan options
Outstanding at January 1, 2015			376,250			$	19.52							$	1,157,000
Granted			–				–								–
Exercised			(176	)			19.70								324
Expired			–				–								–
Outstanding at June 30, 2015			376,074			$	19.52				3.99			$	669,600
Options exercisable at June 30, 2015			376,074			$	19.52				3.99			$	669,600

Non-vested shares of Class A Stock under option

Non-vested Shares		Option Shares				Weighted Average Grant – Date Fair Value Per Option
Non-vested at January 1, 2015			33,750			$	3.95
Granted			–				–
Vested			(33,750	)			3.95
Canceled			–				–
Non-vested at June 30, 2015			–			$	–

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Tabular disclosure of the changes in outstanding nonvested shares.

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-Publisher FASB



-Name Accounting Standards Codification



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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



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-Topic 718



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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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