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Stock Option Plan (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Weighted-Average Black-Scholes Fair Value Assumptions

The fair value of each 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 2013, 2012 and 2011:

 

     2013     2012     2011  

Expected dividends

     1.12     1.08     1.12

Expected term (in years)

     9.56        6.09        7.75   

Expected volatility

     25     27     25

Risk-free rate

     2.04     1.27     2.74
Summary of the Stock Option Activity

A summary of the stock option activity for 2013, 2012 and 2011 is as follows:

 

     2013      2012      2011  
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
     Shares     Weighted
Average
Exercise
Price
 

Outstanding at beginning of year

     48,987      $ 34.24         52,708      $ 31.24         53,892      $ 29.46   

Granted

     5,500        44.16         6,000        42.06         4,500        39.88   

Exercised

     (5,973     26.00         (8,788     21.50         (5,284     20.76   

Forfeited or expired

     (860     33.07         (933     34.85         (400     23.63   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Outstanding at end of year

     47,654      $ 36.43         48,987      $ 34.24         52,708      $ 31.24   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Options exercisable at year end

     12,009      $ 32.35         11,453      $ 29.69         13,227      $ 25.00   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
Summary of Information about Stock Options

The following table summarizes information about stock options outstanding at December 31, 2013:

 

     Options Outstanding    Options Exercisable

Range of Exercise Prices

   Number
Outstanding
at 12/31/13
     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term
   Number
Exercisable
at 12/31/13
     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term

$ 17.20 - $ 25.79

     3,682       $ 23.27       .9 years      2,075       $ 23.44       .9 years

$ 25.80 - $ 38.70

     29,122       $ 35.09       4.9 years      8,984       $ 33.50       4.3 years

$ 38.71 - $ 45.75

     14,850       $ 42.32       8.4 years      950       $ 40.88       7.6 years
  

 

 

          

 

 

       
     47,654               12,009         
  

 

 

          

 

 

       

Aggregate intrinsic value (in thousands)

   $ 444             $ 161