STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2015

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.


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		(63,500	)		19.70				169,000
Expired		–			–				–
Outstanding at September 30, 2015		312,750		$	19.48		4.45	$	1,456,000

Options exercisable at September 30, 2015		312,750		$	19.48		4.45	$	1,456,000

The total intrinsic value of options exercised during the nine months ended September 30, 2015 was approximately $169,000.

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 September 30, 2015		–		$	–

As of September 30, 2015, there was no unrecognized expense related to non-vested option shares granted under the Plan.