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Note 12: Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2013
Notes |
Note 12: Stock Compensation Plans | 12) Stock Compensation Plans The Company has three fixed option plans (the “2003 Plan”, the “2006 Plan” and the “2013 Plan”). Compensation expense for options issued of $88,369, $251,031 and $253,934 has been recognized under these plans for 2013, 2012 and 2011, respectively. As of December 31, 2013, the total unrecognized compensation expense related to the options issued in 2013 was $240,021, which is expected to be recognized over the vesting period of one year. The weighted-average fair value of each option granted in 2013 under the 2013 Plan and the 2006 Plan, is estimated at $1.96 for the December 6, 2013 and December 7, 2013 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 67.93%, risk-free interest rate of 1.68%, and an expected term of 5.31 years. The weighted-average fair value of each option granted in 2012 under the 2006 Plan, is estimated at $3.18 for the December 7, 2012 options as of the grant date using the Black Scholes Option Pricing Model with the following weighted-average assumptions: dividend yield of 5%, volatility of 73.89%, risk-free interest rate of 0.70%, and an expected term of 5.31 years. The weighted-average fair value of each option granted in 2012 under the 2003 Plan and the 2006 Plan, is estimated at $0.64 and $0.66, respectively for the April 13, 2012 options as of the grant date using the Black Scholes Option Pricing Model with the following weighted-average assumptions: dividend yield of 5% and 5%, volatility of 70.26% and 72.58%, risk-free interest rate of 0.84% and 1.04%, and an expected term of 4.53 to 5.32 years, respectively. The weighted-average fair value of each option granted in 2011 under the 2003 Plan and the 2006 Plan, is estimated at $0.52 and $0.71 for the December 2, 2012 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 59%, risk-free interest rate of 3.4%, and an expected life of five to ten years. The Company generally estimates the expected life of the options based upon the contractual term of the options adjusted for actual experience. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock and three per company stocks over a period equal to the estimated life of the options. Common stock issued upon exercise of stock options are generally new share issuances rather than from treasury shares.
Activity of the stock option plans is summarized as follows: |  |  |  |  |  |
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares(1) |  | Weighted Average Exercise Price(1)
Outstanding at December 31, 2010 |  | 1,596,095 |  | $ 2.61 |  | 3,438,355 |  | $ 2.38
Adjustment for the effect of stock dividends |  | 95,073 |  |  |  | 171,920 |  |
Granted |  | 346,500 |  |  |  | - |  |
Exercised |  | - |  |  |  | - |  |
Cancelled |  | (41,125) |  |  |  | - |  |
Outstanding at December 31, 2011 |  | 1,996,543 |  | $ 2.40 |  | 3,610,275 |  | $ 2.20
Adjustment for the effect of stock dividends |  | 43,928 |  |  |  | 245,145 |  |
Granted |  | 347,000 |  |  |  | - |  |
Exercised |  | (1,041,276) |  |  |  | (525,000) |  |
Cancelled |  | (123,134) |  |  |  | - |  |
Reclass from A to C |  | (250,808) |  |  |  | 2,508,085 |  |
Outstanding at December 31, 2012 |  | 972,253 |  | $ 2.07 |  | 5,838,505 |  | $ 2.18
Adjustment for the effect of stock dividends |  | 17,962 |  |  |  | 242,217 |  |
Granted |  | 81,960 |  |  |  | 500,000 |  |
Exercised |  | (485,366) |  |  |  | (1,906,022) |  |
Cancelled |  | (76,676) |  |  |  | (638,138) |  |
Reclass from A to C |  | (105,000) |  |  |  | 1,050,000 |  |
Outstanding at December 31, 2013 |  | 405,133 |  | $ 2.41 |  | 5,086,562 |  | $ 2.00
Exercisable at end of year |  | 319,009 |  | $ 1.82 |  | 4,561,562 |  | $ 1.65
Available options for future grant |  | 312,642 |  |  |  | 1,050,000 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at December 31, 2013 |  | 7.23 years |  |  |  | 2.61 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at December 31, 2013 |  | 6.51 years |  |  |  | 2.34 years |  |
Aggregated intrinsic value of options outstanding |  |  |  |  |  |  |
at December 31, 2013 |  | $893,398 |  |  |  | $1,340,147 |  |
Aggregated intrinsic value of options exercisable |  |  |  |  |  |  |
at December 31, 2013 |  | $893,172 |  |  |  | $1,340,147 |  |
(1) Class “C” shares are converted to Class “A” shares on a 10 to 1 ratio. The Weighted Average Exercise Price is based on Class A Common shares. |  |
The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the years ended December 31, 2013 and 2012 was $2,179,393 and $3,340,460, respectively.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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