Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Shares Available for Grant and Stock Option Activity

A summary of shares available for grant and activity during the six months ended June 30, 2014 is detailed below.

		Options Outstanding
	Shares Available For Grant	Shares		Weighted- Average Exercise Price
Stock Options:
Balance at January 1, 2014	291,000	36,668		$	229.24
Exercised	—	(5,000	)	$	150.00
Forfeited	—	(400	)	$	255.13
Expired	—	—		$	—
Stock options granted	—	—		$	—
Balance at June 30, 2014	291,000	31,268		$	241.58

Schedule of Stock Appreciation Rights Activity

	Stock Appreciation Rights Outstanding
	Awards		Weighted- Average Exercise Price
Stock Appreciation Rights:
Balance at January 1, 2014	99,461		$	156.93
Exercised	(1,675	)	$	114.64
Forfeited	(1,400	)	$	158.38
Granted	—		$	—
Balance at June 30, 2014	96,386		$	157.64

Summary of Information About Stock Options and SARs Outstanding

The following table summarizes information about stock options and SARs outstanding at June 30, 2014.

	Options/SARs Outstanding
	Number Outstanding		Weighted- Average Remaining Contractual Life	Number Exercisable
Exercise prices:
$255.13 (options)	22,268		3.8 years	17,815
$208.05 (options)	9,000		4.0 years	9,000
$236.00 (SARs)	250		4.2 years	150
$114.64 (SARs)	26,868		4.6 years	17,911
$132.56 (SARs)	32,268		7.5 years	3,600
$210.22 (SARs)	37,000		9.5 years	—
Totals	127,654			48,476
Aggregate intrinsic value (in thousands)	$	7,767		$	3,209

Summary of Assumptions Employed Using Black-Scholes Option Pricing Model

In estimating the fair value of the options outstanding at June 30, 2014 and December 31, 2013, the Company employed the Black-Scholes option pricing model with assumptions as detailed below.

	June 30, 2014		December 31, 2013
Expected term of options	3.8 to 9.5 years		0 to 10 years
Expected volatility:
Range	17.50% to 38.54%		21.03% to 42.71%
Weighted-average	22.71	%	30.50	%
Expected dividend yield	0.14	%	0.16	%
Risk-free rate:
Range	0.10% to 1.59%		0.12% to 3.93%
Weighted-average	0.49	%	2.10	%