Stock Option Accounting

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Accounting

Note 3. Stock Option Accounting

Stock option activity under the Company’s stock option plan for the nine months ended September 30, 2013 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		23,350		$	31.17
Exercised		(1,625	)		26.76
Forfeited		(1,350	)		26.68
Outstanding at end of period		20,375		$	31.82
Exercisable at end of period		20,375		$	31.82
Available to be granted at end of period		224,884

On September 30, 2013, the outstanding options to purchase 20,375 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 year. The intrinsic value of options exercisable at September 30, 2013 had an aggregate value of $30,766. The intrinsic value of options exercised at September 30, 2013 had an aggregate value of $10,678.

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 nine months of 2013.