Stock Option Accounting

3 Months Ended

Mar. 31, 2012

Stock Option Accounting [Abstract]

Stock Option Accounting

Note 3. Stock Option Accounting

Stock option activity under the Company’s stock option plan for the three months ended March 31, 2012 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		36,062		$	28.90
Exercised		(5,612	)		22.61
Forfeited		(450	)		22.50
Outstanding at end of period		30,000		$	30.17
Exercisable at end of period		30,000		$	30.17
Available to be granted at end of period		223,534

On March 31, 2012, the outstanding options to purchase 30,000 shares of Class A common stock have exercise prices between $26.68 and $31.83, with a weighted average exercise price of $30.17 and a weighted average remaining contractual life of 2.0 years. The intrinsic value of options exercisable at March 31, 2012 had an aggregate value of $5,952. The intrinsic value of options exercised at March 31, 2012 had an aggregate value of $26,311.

The Company uses the fair value method to account for stock options. All of the Company’s stock options are vested and there were no options granted during the first quarter of 2012.