XML 89 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Common Share And Share Awards (Tables)
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Computation Of Basic And Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30:

 
Three months ended June 30,
 
Six months ended June 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to the Company
$
4,005,675

 
$
3,349,488

 
$
7,382,405

 
$
4,781,627

Weighted average common shares outstanding – Basic
2,063,797

 
2,098,666

 
2,054,300

 
2,099,751

Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)
25,877

 
34,066

 
32,929

 
31,413

Weighted average common shares outstanding – Diluted
2,089,674

 
2,132,732

 
2,087,229

 
2,131,164

Basic earnings per common share
$
1.94

 
$
1.60

 
$
3.59

 
$
2.28

Diluted earnings per common share
$
1.92

 
$
1.57

 
$
3.54

 
$
2.24
Summary Of Share-Based Award Transactions
A summary of share-based award transactions for all share-based award plans follows:
 
Number
Of Shares
 
Weighted
Average
Exercise
Price
 
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2012
101,600

 
$
29.81

 
3.91
 
$
697,780

SARs granted
3,000

 
50.50

 
 
 
 

SARs exercised
—

 
—

 
 
 
 

Options exercised
(6,380
)
 
25.17

 
 
 
 

Options/SARs canceled/forfeited/expired
(70
)
 
31.00

 
 
 
 

Outstanding as of December 31, 2012
98,150

 
$
30.74

 
3.17
 
$
2,871,710

SARs granted
3,000

 
71.59

 
 
 
 

SARs exercised
(79,500
)
 
28.77

 
 
 
 

Options exercised
(2,400
)
 
28.38

 
 
 
 

Options/SARs canceled/forfeited/expired
—

 
—

 
 
 
 

Outstanding as of June 30, 2013
19,250

 
$
45.55

 
3.90
 
$
490,770

 
 
 
 
 
 
 
 
Exercisable as of June 30, 2013
16,750

 
$
42.26

 
3.54
 
$
480,800

 
 
 
 
 
 
 
 
Unvested as of June 30, 2013
2,500

 
$
67.54

 
6.31
 
$
9,970
Share-Based Valuation Assumptions
The weighted-average fair values for the SARs issued during 2013 and 2012 were $27.55 and $18.84, respectively, and were estimated using the weighted-average assumptions shown in the table below.
 
2013
 
2012
Expected Life in Years
5.0
 
5.0
Volatility
44.6%
 
44.6%
Interest Rate
1.3%
 
0.8%
Yield Rate
0.5%
 
0.6%