Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2018

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:

	2018			2017			2016
Dividend yield		4.79	%		5.80	%		7.32	%
Expected volatility		25.78	%		26.30	%		26.30	%
Risk-free interest rate		2.74	%		2.37	%		1.49	%
Expected lives		10			10			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, 2018, 2017 and 2016 and changes during the years then ended are as follows:

	2018					2017					2016
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price
Outstanding at beginning of year		1,778,100		$	11.60		1,760,000		$	9.97		1,560,500		$	9.92
Granted		605,000			13.26		576,000			14.96		527,000			9.77
Exercised		(128,500	)		10.78		(547,900	)		9.92		(277,500	)		8.96
Forfeited		(2,000	)		12.41		(10,000	)		9.77		-0-			-0-
Expired		-0-			-0-		-0-			-0-		(50,000	)		11.97
Outstanding at end of  year		2,252,600			12.09		1,778,100			11.60		1,760,000			9.97
Options exercisable at end of year		1,647,600					1,202,100					1,233,000
Weighted average fair value of options granted during the year				$	2.05				$	1.81				$	0.81

Summary of Stock Options Outstanding

The following is a summary of stock options outstanding as of December 31, 2018:

Date of Grant	Number of Employees	Number of Shares			Option Price		Expiration Date
07/05/11	3		22,000			11.16	07/05/19
08/29/12	6		44,000			11.29	08/29/20
06/26/13	10		228,600			10.08	06/26/21
06/11/14	9		151,000			9.85	06/11/22
06/24/15	11		268,000			9.82	06/24/23
04/05/16	19		369,000			9.77	04/05/24
01/19/17	2		60,000			14.25	01/19/27
04/04/17	32		505,000			15.04	04/04/27
04/02/18	40		540,000	*		13.09	04/02/28
07/09/18	4		40,000	*		15.75	07/09/28
12/10/18	1		25,000	*		12.94	12/10/28
			2,252,600

* 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, 2018, 2017 and 2016, and changes during the year ended December 31, 2018, 2017 and 2016 are presented below:

	2018					2017					2016
				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		146,953		$	11.98		133,315		$	10.04		121,242		$	9.83
Granted		47,000			13.11		56,000			15.10		60,500			10.37
Dividend Reinvested Shares		8,378			13.37		6,867			14.83		8,430			10.82
Forfeited		-0-			-0-		-0-			-0-		(2,160	)		9.83
Vested		(41,827	)		11.76		(49,229	)		10.67		(54,697	)		10.07
Non-vested at end of year		160,504		$	12.44		146,953		$	11.98		133,315		$	10.04