STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2016

Weighted-average assumptions used for grants option

The fair value of each option grant was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in May 2014. All options were granted at fair 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

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2016:

	Options									Restricted Awards
	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards		Weighted Average Grant Date Fair Value
Plan options/restricted stock awards
Outstanding at January 1, 2016		270,000		$	19.34			$	2,256		–		–
Granted		–			–				–		5,000	$	27.70
Exercised/vested and released		(33,750	)		19.64				286		–		–
Expired/cancelled		–			–				–		–		–
Outstanding at September 30, 2016		236,250		$	19.30		4.59	$	2,182		5,000	$	27.70

Exercisable/vested at September 30, 2016		236,250		$	19.30		4.59	$	2,182		–		–

Non-vested shares of Class A Stock under option

The following summary reflects changes in the non-vested restricted shares of Class A Stock for the nine months ended September 30, 2016.

	Non-vested Restricted Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares
Outsanding at January 1, 2016		–		–
Granted		5,000	$	27.70
Vested and released		–		–
Cancelled		–		–
Oustanding at September 30, 2016		5,000	$	27.70

Restricted shares vested at September 30, 2016		–		–