Stock Option Accounting

3 Months Ended

Mar. 31, 2013

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, 2013 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		23,350		$	31.17
Exercised		(1,600	)		26.68
Forfeited		(1,350	)		26.68
Outstanding at end of period		20,400		$	31.82
Exercisable at end of period		20,400		$	31.82
Available to be granted at end of period		224,884

On March 31, 2013, the outstanding options to purchase 20,400 shares of Class A common stock have exercise prices between $31.60 and $31.83, with a weighted average exercise price of $31.82 and a weighted average remaining contractual life of 1.5 years. The intrinsic value of options exercisable at March 31, 2013 had an aggregate value of $42,636. The intrinsic value of options exercised at March 31, 2013 had an aggregate value of $11,568.

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 2013.