STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2020

STOCK-BASED COMPENSATION

Summary of share activity for all equity classified stock compensation

A summary of share activity for all equity classified stock compensation during the six months ended June 30, 2020, is presented below:

Type of Award	Shares Outstanding at 1/1/2020	Granted Shares	Vested / Exercised Shares	Expired Shares	Forfeited Shares	Shares Outstanding at 6/30/2020
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting	49,275	19,641	(12,635)	—	—	56,281
Equity Classified - Market Condition Restricted Shares - Stock Price Vesting	22,000	—	—	—	—	22,000
Equity Classified - Three Year Vest Restricted Shares	37,595	19,451	(18,054)	—	(200)	38,792
Equity Classified - Non-Qualified Stock Option Awards	80,000	—	—	—	—	80,000
Total Shares	188,870	39,092	(30,689)	—	(200)	197,073

Schedule of amounts recognized 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:

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Total Cost of Share-Based Plans Charged Against Income Before Tax Effect	$	699,818	$	634,275	$	1,518,923	$	1,445,876
Income Tax Expense Recognized in Income	$	(174,192)	$	(160,757)	$	(378,075)	$	(366,457)

Peer Group Market Condition Vesting

STOCK-BASED COMPENSATION

Summary of performance share awards activity

A summary of activity during the six months ended June 30, 2020, is presented below: 

		Wtd. Avg.
Performance Shares with Market Conditions	Shares	Fair Value
Outstanding at January 1, 2020	49,275	$	65.59
Granted	19,641		54.69
Vested	(12,635)		54.66
Expired	—		—
Forfeited	—		—
Outstanding at June 30, 2020	56,281	$	64.02

Stock Price Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the six months ended June 30, 2020, is presented below:

		Wtd. Avg.
Market Condition Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2020	22,000	$	41.71
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at June 30, 2020	22,000	$	41.71

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of activity during the six months ended June 30, 2020, is presented below:

		Wtd. Avg.
		Fair Value
Three Year Vest Non-Vested Restricted Shares	Shares	Per Share
Outstanding at January 1, 2020	37,595	$	60.21
Granted	19,451		59.70
Vested	(18,054)		59.69
Expired	—		—
Forfeited	(200)		58.78
Outstanding at June 30, 2020	38,792	$	60.20

Amended and Restated 2010 Equity Incentive Plan

STOCK-BASED COMPENSATION

Summary of non-vested stock option awards

A summary of the activity for the awards during the six months ended June 30, 2020, is presented below: 

Non-Qualified Stock Option Awards	Shares	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2020	80,000	$	55.63
Granted	—		—
Exercised	—		—
Expired	—		—
Forfeited	—		—
Outstanding at June 30, 2020	80,000	$	55.63	4.76	$	—
Exercisable at January 1, 2020	80,000	$	55.63	6.50	$	25,000
Exercisable at June 30, 2020	80,000	$	55.63	4.76	$	—