Earnings Per Common Share and Share Awards (Tables)

12 Months Ended

Dec. 31, 2013

Computation Of Basic And Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:



For the Years Ended December 31,	2013		2012		2011
Net income attributable to the Company	$	14,708,210	$	11,102,496	$	6,933,936
Weighted average common shares outstanding – Basic	2,056,169		2,081,703		2,151,350
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)	20,459		35,090		18,286
Weighted average common shares outstanding – Diluted	2,076,628		2,116,793		2,169,636
Basic earnings per common share	$	7.15	$	5.33	$	3.22
Diluted earnings per common share	$	7.08	$	5.24	$	3.20

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, 2011	110,800		$	28.77	4.51	$	353,955
SARs granted	3,000		41.50
Options exercised	(7,700	)	20.15
Options/SARs canceled/forfeited/expired	(4,500	)	28.61
Outstanding as of December 31, 2011	101,600		$	29.81	3.91	$	697,780
SARs granted	3,000		50.50
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	(2,650	)	28.63
Options/SARs canceled/forfeited/expired	—		—
Outstanding as of December 31, 2013	19,000		$	45.74	3.43	$	669,610

Exercisable as of December 31, 2013	18,250		$	44.67	3.31	$	662,567

Unvested as of December 31, 2013	750		$	71.59	6.38	$	7,043

Summary of Information of Fixed Stock Options

The following tables summarize information about fixed stock options outstanding at December 31, 2013:



					Options Outstanding at Year-End				Options Exercisable at Year-End
Range of Exercise Prices					Number Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$	21.49	—	$	27.96	1,000	0.38	$	27.21	1,000	$	27.21
33.32		—	36.79		1,500	1.38	36.79		1,500	36.79
$	21.49	—	$	36.79	2,500	0.98	$	32.96	2,500	$	32.96



					SARs Outstanding at Year-End				SARs Exercisable at Year-End
Range of Exercise Prices					Number Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$	32.00	—	$	32.00	2,000	2.39	$	32.00	2,000	$	32.00
33.31		—	33.31		2,500	3.38	33.31		2,500	33.31
36.80		—	71.59		12,000	4.13	53.28		11,250	52.06
$	32.00	—	$	71.59	16,500	3.81	$	47.67	15,750	$	46.54

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2013, 2012 and 2011 were $27.55, $18.84 and $15.55, respectively, and were estimated using the weighted average assumptions shown in the table below.



	2013	2012	2011
Expected Life in Years	5.0	5.0	5.0
Volatility	44.6%	44.6%	43.6%
Interest Rate	1.3%	0.8%	1.9%
Yield Rate	0.5%	0.6%	0.8%

Schedule of Weighted Average Grant Date Fair Value of Stock Awards Plans

The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows:



For the Years Ended December 31,	2013		2012		2011
Exercise price equal to market price on date of grant:
Weighted average market price	$	71.59	$	50.50	$	41.50
Weighted average grant-date fair value	$	27.55	$	18.84	$	15.55

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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