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Stock Option Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Stock Option Plans [Abstract]  
Summary of Status and Changes in Stock Option Plan

The following is a summary of the status of the Company’s stock option plans and changes in these plans during 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

Options

Shares

 

 

Weighted- Average Exercise Price

 

 

Weighted-Average Remaining Contractual Life

 

 

Aggregate Intrinsic Value

Outstanding, beginning of year
687,043 

 

$
10.70 

 

 

 

 

 

Exercised
(118,823)

 

 
11.34 

 

 

 

 

 

 

Outstanding and exercisable, end of year
568,220 

 

$
10.57 

 

 

6.5 years

 

$
6,570 

 

Assumptions Used to Determine Fair Value of Options Granted

The following assumptions were used to determine the fair value of options granted in 2012.

   

 

 

 

 

 

 

 

 

 

2012

 

Risk-free interest rate
1.70% 

 

Expected option life

10.0 yrs

 

Dividend yield
3.45% 

 

Expected volatility of stock price
31.50%