Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2017

Compensation Related Costs [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 in the following years:

	2017			2016			2015
Dividend yield		5.80	%		7.32	%		7.37	%
Expected volatility		26.30	%		26.30	%		27.17	%
Risk-free interest rate		2.37	%		1.49	%		2.12	%
Expected lives		10			8			8
Estimated forfeitures		-0-			-0-			-0-

Schedule of Stock Option Plans and Changes in Stock Options

A summary of the status of the Company’s stock option plans as of December 31, 2017, 2016 and 2015 and changes during the years then ended are as follows:

	2017					2016					2015
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price
Outstanding at  beginning of year		1,760,000		$	9.97		1,560,500		$	9.92		1,301,000		$	10.34
Granted		576,000			14.96		527,000			9.77		425,000			9.82
Exercised		(547,900	)		9.92		(277,500	)		8.96		(22,500	)		7.56
Forfeited		(10,000	)		9.77		-0-			-0-		(37,000	)		10.63
Expired		-0-			-0-		(50,000	)		11.97		(106,000	)		14.84
Outstanding at end of year		1,778,100			11.60		1,760,000			9.97		1,560,500			9.92
Options exercisable at end of year		1,202,100					1,233,000					1,135,500
Weighted average fair value of options granted during the year				$	1.81				$	0.81				$	0.93

Summary of Stock Options Outstanding

The following is a summary of stock options outstanding as of December 31, 2017:

Date of Grant	Number of Employees		Number of Shares			Option Price		Expiration Date
07/27/10		4		34,000			11.40	07/27/18
07/05/11		4		34,000			11.16	07/05/19
08/29/12		6		44,000			11.29	08/29/20
06/26/13		10		232,100			10.08	06/26/21
06/11/14		11		175,000			9.85	06/11/22
06/24/15		12		303,000			9.82	06/24/23
04/05/16		21		380,000			9.77	04/05/24
01/19/17		2		60,000	*		14.25	01/19/27
04/04/17		34		516,000	*		15.04	04/04/27
				1,778,100

* Unexercisable

Schedule of Nonvested Restricted Stock Awards

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2017, 2016 and 2015, and changes during the year ended December 31, 2017, 2016 and 2015 are presented below:

	2017					2016					2015
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant Date					Grant Date					Grant Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value
Non-vested at beginning of year		133,315		$	10.04		121,242		$	9.83		137,346		$	10.37
Granted		56,000			15.10		60,500			10.37		35,000			9.56
Dividend Reinvested Shares		6,867			14.83		8,430			10.82		10,736			9.09
Forfeited		-0-			-0-		(2,160	)		9.83		-0-			-0-
Vested		(49,229	)		10.67		(54,697	)		10.07		(61,840	)		9.63
Non-vested at end of year		146,953		$	11.98		133,315		$	10.04		121,242		$	9.83