|
Stock-Based Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Summary of Stock Based Compensation Activity |
A summary of activity during the years ended December 31, 2013
and 2012, is presented below:
|
|
|
|
|
|
|
|
|
|
Market Condition Non-Vested Restricted Shares
|
|
Shares |
|
|
Wgt. Avg.
Fair Value
Per Share |
|
|
Outstanding at December 31, 2011
|
|
|
9,317 |
|
|
$ |
23.13 |
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
Vested
|
|
|
— |
|
|
|
— |
|
|
Forfeited/Expired
|
|
|
(1,417 |
) |
|
|
23.13 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012
|
|
|
7,900 |
|
|
|
23.13 |
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
Vested
|
|
|
— |
|
|
|
— |
|
|
Forfeited/Expired
|
|
|
(2,833 |
) |
|
|
23.13 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
5,067 |
|
|
$ |
23.13 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Market Condition Inducement Grant of Restricted Shares |
A summary of the activity for these awards during the years ended
December 31, 2013 and 2012, is presented below:
|
|
|
|
|
|
|
|
|
|
Market Condition Non-Vested Restricted Shares
|
|
Shares |
|
|
Wtd. Avg.
Fair Value
Per Share |
|
|
Outstanding at December 31, 2011
|
|
|
96,000 |
|
|
$ |
18.47 |
|
|
Granted
|
|
|
17,000 |
|
|
|
18.02 |
|
|
Vested
|
|
|
— |
|
|
|
— |
|
|
Forfeited/Expired
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012
|
|
|
113,000 |
|
|
|
18.40 |
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
Vested
|
|
|
(18,500 |
) |
|
|
23.89 |
|
|
Forfeited/Expired
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
94,500 |
|
|
$ |
17.33 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Stock Based Compensation Activity for Non-Qualified Stock Option Award |
A summary of the activity for these awards during the years ended
December 31, 2013 and 2012, is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Qualified Stock Option Awards
|
|
Shares |
|
|
Wtd. Avg.
Fair Value
Per Share |
|
|
Wtd. Avg.
Remaining
Contractual
Term
(Years) |
|
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at December 31, 2011
|
|
|
50,000 |
|
|
$ |
28.90 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
10,000 |
|
|
|
29.34 |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/Expired
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012
|
|
|
60,000 |
|
|
|
28.97 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
51,000 |
|
|
|
34.95 |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(16,500 |
) |
|
|
28.90 |
|
|
|
|
|
|
|
|
|
|
Forfeited/Expired
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
94,500 |
|
|
$ |
32.21 |
|
|
|
5.76 |
|
|
$ |
385,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012
|
|
|
16,666 |
|
|
$ |
28.90 |
|
|
|
8.60 |
|
|
$ |
35,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2013
|
|
|
19,800 |
|
|
$ |
28.97 |
|
|
|
7.70 |
|
|
$ |
144,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Share Option Activity of Stock Option and Stock Appreciation Rights Under 2001 Plan |
A summary of share option activity under the 2001 Plan during the
years ended December 31, 2013 and 2012 is presented below:
Stock Options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability-Classified Stock Options
|
|
Shares |
|
|
Wtd. Avg.
Fair Value
Per Share |
|
|
Wtd. Avg.
Remaining
Contractual
Term
(Years) |
|
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at December 31, 2011
|
|
|
205,800 |
|
|
$ |
53.12 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(5,600 |
) |
|
|
20.12 |
|
|
|
|
|
|
|
|
|
|
Forfeited/Expired
|
|
|
(119,400 |
) |
|
|
55.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012
|
|
|
80,800 |
|
|
|
52.43 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(11,600 |
) |
|
|
30.39 |
|
|
|
|
|
|
|
|
|
|
Forfeited/Expired
|
|
|
(15,400 |
) |
|
|
63.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
53,800 |
|
|
$ |
53.99 |
|
|
|
3.80 |
|
|
$ |
46,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012
|
|
|
78,160 |
|
|
$ |
56.81 |
|
|
|
3.98 |
|
|
$ |
21,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2013
|
|
|
53,800 |
|
|
$ |
53.99 |
|
|
|
3.80 |
|
|
$ |
46,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Appreciation Rights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability-Classified Stock Appreciation Rights
|
|
Shares |
|
|
Wtd. Avg.
Fair Value
Per Share |
|
|
Wtd. Avg.
Remaining
Contractual
Term
(Years) |
|
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at December 31, 2011
|
|
|
205,800 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(5,600 |
) |
|
|
5.07 |
|
|
|
|
|
|
|
|
|
|
Forfeited/Expired
|
|
|
(119,400 |
) |
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012
|
|
|
80,800 |
|
|
|
1.12 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(11,600 |
) |
|
|
4.29 |
|
|
|
|
|
|
|
|
|
|
Forfeited/Expired
|
|
|
(15,400 |
) |
|
|
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
53,800 |
|
|
$ |
1.61 |
|
|
|
3.80 |
|
|
$ |
25,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012
|
|
|
78,160 |
|
|
$ |
0.92 |
|
|
|
3.98 |
|
|
$ |
11,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2013
|
|
|
53,800 |
|
|
$ |
1.61 |
|
|
|
3.80 |
|
|
$ |
25,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights |
Following are assumptions used in determining the fair value of
stock options and stock appreciation rights:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions at December 31,
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Expected Volatility
|
|
|
23.07 |
% |
|
|
24.34 |
% |
|
|
31.05 |
% |
|
Expected Dividends
|
|
|
0.11 |
% |
|
|
0.13 |
% |
|
|
0.15 |
% |
|
Expected Term
|
|
|
3 years |
|
|
|
3 years |
|
|
|
2 years |
|
|
Risk-Free Rate
|
|
|
1.21 |
% |
|
|
0.39 |
% |
|
|
0.23 |
% |
|
| Recognized Financial Statements for Stock Options, Stock Appreciation Rights, and Restricted Stock |
Amounts recognized in the financial statements for stock options,
stock appreciation rights, and restricted stock are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Total Cost of Share-Based Plans Charged Against
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Added To) Before Tax Effect
|
|
$ |
901,447 |
|
|
$ |
1,047,335 |
|
|
$ |
253,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in Income
|
|
$ |
(347,733 |
) |
|
$ |
(404,010 |
) |
|
$ |
(97,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Qualified Stock Option Award [Member]
|
|
| Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights |
A summary of the non-vested options for these awards during the
years ended December 31, 2013 and 2012, is presented
below:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Fair
Value |
|
| |
|
|
|
|
of
Shares |
|
|
Non-Qualified Stock Option Awards
|
|
Shares |
|
|
Vested |
|
|
Non-Vested at December 31, 2011
|
|
|
50,000 |
|
|
|
|
|
|
Granted
|
|
|
10,000 |
|
|
|
|
|
|
Vested
|
|
|
(16,666 |
) |
|
$ |
(481,647 |
) |
|
|
|
|
|
|
|
|
|
|
Non-Vested at December 31, 2012
|
|
|
43,334 |
|
|
|
|
|
|
Granted
|
|
|
51,000 |
|
|
|
|
|
|
Vested
|
|
|
(19,634 |
) |
|
$ |
(568,875 |
) |
|
|
|
|
|
|
|
|
|
|
Non-Vested at December 31, 2013
|
|
|
74,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option and Stock Appreciation Rights [Member]
|
|
| Summary of Non-Vested Options for Liability-Classified Stock Options and Stock Appreciation Rights |
A summary of the non-vested options for these awards during the
years ended December 31, 2013 and 2012, is presented
below:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Fair Value |
|
| |
|
|
|
|
of
Shares |
|
|
Liability-Classified Stock Options and Stock Appreciation
Rights
|
|
Shares |
|
|
Vested |
|
|
Non-Vested at December 31, 2011
|
|
|
42,160 |
|
|
|
|
|
|
Vested
|
|
|
(10,120 |
) |
|
$ |
(23,962 |
) |
|
Forfeited/Expired
|
|
|
(29,400 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Vested at December 31, 2012
|
|
|
2,640 |
|
|
|
|
|
|
Vested
|
|
|
(2,640 |
) |
|
$ |
(20,038 |
) |
|
|
|
|
|
|
|
|
|
|
Non-Vested at December 31, 2013
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|