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Note 12: Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2016
Notes |
Note 12: Stock Compensation Plans | 12) Stock Compensation Plans The Company has four fixed option plans (the “2003 Plan”, the “2006 Director Plan”, the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $343,577, $387,608 and $391,220 has been recognized under these plans for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, the total unrecognized compensation expense related to the options issued in December 2016 was $374,914, which is expected to be recognized over the vesting period of one year. The weighted-average fair value of each option granted in 2016 under the 2013 Plan, is estimated at $2.17 for the December 21, 2016 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 54.42%, risk-free interest rate of 1.99%, and an expected term of 5.31 years. The weighted-average fair value of each option granted in 2016 under the 2014 Director Plan, is estimated at $2.41 for the December 7, 2016 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 54.60%, risk-free interest rate of 1.93%, and an expected term of 5.31 years. The weighted-average fair value of each option granted in 2016 under the 2013 Plan and the 2014 Director Plan, is estimated at $1.89 for the December 2, 2016 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 47.05%, risk-free interest rate of 1.78%, and an expected term of 4.33 years. The weighted-average fair value of each option granted in 2015 under the 2014 Director Plan, is estimated at $1.61 for the December 7, 2015 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 43.11%, risk-free interest rate of 1.80%, and an expected term of 5.32 years. The weighted-average fair value of each option granted in 2015 under the 2013 Plan and the 2014 Director Plan, is estimated at $1.61 for the December 4, 2015 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 43.15%, risk-free interest rate of 1.83%, and an expected term of 5.32 years. The weighted-average fair value of each option granted in 2014 under the 2014 Director Plan, is estimated at $1.56 for the December 7, 2014 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 52.27%, risk-free interest rate of 1.76%, and an expected term of 5.31 years. The weighted-average fair value of each option granted in 2014 under the 2013 Plan and the 2014 Director Plan, is estimated at $1.56 for the December 5, 2014 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 52.31%, risk-free interest rate of 1.69%, and an expected term of 5.31 years. The weighted-average fair value of each option granted in 2014 under the 2013 Plan is estimated at $1.74 for the July 2, 2014 options as of the grant date using the Black Scholes Option Pricing Model with the following assumptions: dividend yield of 5%, volatility of 57.77%, risk-free interest rate of 1.79%, and an expected term of 5.32 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 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 |  | Weighted Average Exercise Price
Outstanding at December 31, 2013 |  | 405,133 |  | $ 2.41 |  | 508,657 |  | $ 2.00
Adjustment for the effect of stock dividends |  | 24,446 |  |  |  | 32,934 |  |
Granted |  | 173,500 |  |  |  | 150,000 |  |
Exercised |  | (59,713) |  |  |  | - |  |
Cancelled |  | (30,571) |  |  |  | - |  |
Outstanding at December 31, 2014 |  | 512,795 |  | $ 3.20 |  | 691,591 |  | $ 2.54
Adjustment for the effect of stock dividends |  | 29,335 |  |  |  | 27,497 |  |
Granted |  | 133,500 |  |  |  | 100,000 |  |
Exercised |  | (26,850) |  |  |  | (241,652) |  |
Cancelled |  | (30,519) |  |  |  | - |  |
Outstanding at December 31, 2015 |  | 618,261 |  | $ 3.89 |  | 577,436 |  | $ 3.54
Adjustment for the effect of stock dividends |  | 35,346 |  |  |  | 26,491 |  |
Granted |  | 133,500 |  |  |  | 80,000 |  |
Exercised |  | (42,634) |  |  |  | (127,629) |  |
Cancelled |  | (2,500) |  |  |  | - |  |
Outstanding at December 31, 2016 |  | 741,973 |  | $ 4.33 |  | 556,298 |  | $ 4.52
Exercisable at end of year |  | 601,731 |  | $ 3.78 |  | 472,298 |  | $ 4.02
Available options for future grant |  | 253,432 |  |  |  | - |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at December 31, 2016 |  | 7.37 years |  |  |  | 2.67 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at December 31, 2016 |  | 6.77 years |  |  |  | 2.27 years |  |
Aggregated intrinsic value of options outstanding |  |  |  |  |  |  |
at December 31, 2016 (1) |  | $1,452,902 |  |  |  | $1,079,136 |  |
Aggregated intrinsic value of options exercisable |  |  |  |  |  |  |
at December 31, 2016 (1) |  | $1,452,574 |  |  |  | $1,079,136 |  |
(1) The Company used a stock price of $6.19 as of December 31, 2016 to derive intrinsic value.
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, 2016 and 2015 was $670,959 and $1,190,879, 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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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