Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

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

Schedule of Fair Value of Option Grant of Weighted-average Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants during the nine months ended September 30, 2016 and 2015:

	2016			2015
Dividend yield		7.32	%		7.37	%
Expected volatility		26.30	%		27.17	%
Risk-free interest rate		1.49	%		2.12	%
Expected lives		8			8
Estimated forfeitures		-0-			-0-