STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2015

NOTE 8

STOCK COMPENSATION PLANS

On December 9, 2015, the Company's stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, which replaced the 2005 Equity Compensation Plan, or the 2005 Plan, that expired on May 24, 2015. The 2015 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 2015 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 2015 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 2015 Plan) and deal with any other matters arising under the 2015 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 2015 Plan. Non-employee directors of the Company are also eligible to receive grants under the 2015 Plan.

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

	2015 Shares			2015 Weighted Average Exercise Price		2014 Shares			2014 Weighted Average Exercise Price		2013 Shares			2013 Weighted Average Exercise Price
Plan options
Outstanding at beginning of year		376,250		$	19.52		387,000		$	18.96		421,500		$	18.30
Granted		—			—		33,750			21.86		33,750			22.66
Exercised		(106,250	)		19.97		(44,500	)		16.45		(68,250	)		16.68
Expired		—			—		—			—		—			—
Outstanding at end of year		270,000		$	19.34		376,250		$	19.52		387,000		$	18.96

Options exercisable at year end		270,000		$	19.34		342,500		$	19.29		353,250		$	18.61

The fair value per share of options granted during 2014 and 2013 were $3.95 and $4.04, respectively, as estimated using the Black-Scholes Merton option pricing model. The total intrinsic value of options exercised during 2015, 2014 and 2013 were $379,000, $247,000 and $367,000, respectively. During 2015, we received $2.1 million in cash from the exercise of options, with a $379,000 tax benefit realized for those options.

The following tables summarize information about employee and director stock options outstanding at December 31, 2015:

Options Outstanding
Range of Exercise Price			Shares Outstanding at December 31, 2015		Weighted Average Remaining Life	Weighted Average Exercise Price			Aggregate Intrinsic Value
	$	15.26 - $19.04		135,000	4.12 Years		$	17.83		$	1,332,788
	$	19.05 - $22.66		135,000	5.56 Years		$	20.87		$	923,096

Options Exercisable
Range of Exercise Price			Shares Exercisable at December 31, 2015		Weighted Average Remaining Life	Weighted Average Exercise Price			Aggregate Intrinsic Value
	$	15.26 - $19.04		135,000	4.12 Years		$	17.83		$	1,332,788
	$	19.05 - $22.66		135,000	5.56 Years		$	20.86		$	923,096

As of December 31, 2015, there was no unrecognized expense related to non-vested option shares granted under the Plan.

On December 18, 2015, 5,000 shares of stock awards were granted. The awards were fully vested and unrestricted. The awards were valued at the fair market value on the date of the award (last reported sale price on the date of award) or $27.38 per share.