Earnings Per Common Share and Share Awards (Tables)

12 Months Ended

Dec. 31, 2014

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,	2014		2013		2012
Net income attributable to the Company	$	9,648,975	$	14,708,210	$	11,102,496
Weighted average common shares outstanding – Basic	2,031,760		2,056,169		2,081,703
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)	5,774		20,459		35,090
Weighted average common shares outstanding – Diluted	2,037,534		2,076,628		2,116,793
Basic earnings per common share	$	4.75	$	7.15	$	5.33
Diluted earnings per common share	$	4.74	$	7.08	$	5.24

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
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
SARs granted	4,500		68.70
SARs exercised	(1,500	)	49.04
Options exercised	(1,000	)	27.21
Options/SARs canceled/forfeited/expired	—		—
Outstanding as of December 31, 2014	21,000		$	51.30	3.64	$	453,510

Exercisable as of December 31, 2014	19,875		$	50.32	3.49	$	448,785

Unvested as of December 31, 2014	1,125		$	68.70	6.39	$	4,725

Summary of Information of Fixed Stock Options

The following tables summarize information about fixed stock options outstanding at December 31, 2014:



					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
$	36.79	—	$	36.79	1,500	0.38	$	36.79	1,500	$	36.79
$	36.79	—	$	36.79	1,500	0.38	$	36.79	1,500	$	36.79



					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	—	$	33.30	2,000	1.39	$	32.00	2,000	$	32.00
33.31		—	41.49		2,500	2.38	33.31		2,500	33.31
41.50		—	71.59		15,000	4.48	58.33		13,875	57.49
$	32.00	—	$	71.59	19,500	3.89	$	52.42	18,375	$	51.43

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2014, 2013 and 2012 were $28.98, $27.55 and $18.84, respectively, and were estimated using the weighted average assumptions shown in the table below.



	2014	2013	2012
Expected Life in Years	6.9	5.0	5.0
Volatility	39.9%	44.6%	44.6%
Interest Rate	2.1%	1.3%	0.8%
Yield Rate	0.4%	0.5%	0.6%

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,	2014		2013		2012
Exercise price equal to market price on date of grant:
Weighted average market price	$	68.70	$	71.59	$	50.50
Weighted average grant-date fair value	$	28.98	$	27.55	$	18.84

- 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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