Earnings Per Common Share and Share Awards (Tables)

12 Months Ended

Dec. 31, 2016

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,	2016		2015		2014
Net income attributable to the Company	$	19,523,118	$	12,533,905	$	9,648,975
Weighted average common shares outstanding – Basic	1,907,675		1,984,360		2,031,760
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)	7,382		5,439		5,774
Weighted average common shares outstanding – Diluted	1,915,057		1,989,799		2,037,534
Basic earnings per common share	$	10.23	$	6.32	$	4.75
Diluted earnings per common share	$	10.19	$	6.30	$	4.74

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, 2014	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
Outstanding as of December 31, 2014	21,000		$	51.30	3.64	$	453,510
SARs granted	4,500		73.00
SARs exercised	(2,000	)	47.88
Options exercised	(1,500	)	36.79
Outstanding as of December 31, 2015	22,000		$	57.04	3.93	$	945,055
SARs granted	4,500		93.87
SARs exercised	(2,000	)	32.00
Outstanding as of December 31, 2016	24,500		$	65.85	3.85	$	836,640

Exercisable as of December 31, 2016	23,375		$	64.50	3.73	$	829,744

Unvested as of December 31, 2016	1,125		$	93.87	6.38	$	6,896

Summary of Information of Fixed Stock Options

The following tables summarize information about SARs outstanding at December 31, 2016:



					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
$	30.00	—	$	39.99	2,500	0.38	$	33.31	2,500	$	33.31
40.00		—	49.99		2,500	1.38	41.50		2,500	41.50
50.00		—	59.99		3,000	2.37	50.50		3,000	50.50
60.00		—	69.99		4,500	4.39	68.70		4,500	68.70
70.00		—	79.99		7,500	4.58	72.44		7,500	72.44
80.00		—	89.99		—	0.00	—		—	—
90.00		—	99.99		4,500	6.38	93.87		3,375	93.87
$	30.00	—	$	99.99	24,500	3.85	$	65.85	23,375	$	64.50

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2016, 2015 and 2014 were $28.75, $31.16 and $28.98, respectively, and were estimated using the weighted average assumptions shown in the table below.



	2016	2015	2014
Expected Life in Years	7.0	7.0	6.9
Volatility	28.9%	40.7%	39.9%
Interest Rate	1.7%	2.0%	2.1%
Yield Rate	1.0%	0.4%	0.4%

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,	2016		2015		2014
Exercise price equal to market price on date of grant:
Weighted average market price	$	93.87	$	73.00	$	68.70
Weighted average grant-date fair value	$	28.75	$	31.16	$	28.98