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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Transactions under the Company’s stock option plans


	Shares		Weighted average exercise price		Weighted average remaining contractual life in years		Aggregate intrinsic value
Outstanding at December 31, 2013		448,975	$	6.70		5.6	$	739,951
Options granted		40,000		7.90
Options exercised		(19,950)		4.62
Options expired		(7,619)		10.84
Outstanding at March 31, 2014		461,406	$	6.83		5.8	$	781,620
Exercisable at March 31, 2014		344,908	$	6.78		4.8	$	668,639

Stock Options, Valuation Assumptions


	For the three months ended March 31,
	2014			2013
Number of options granted		40,000			25,000
Weighted average exercise price	$	7.90		$	6.02
Weighted average fair value of options	$	3.03		$	2.91
Expected life in years (1)		5.40			5.11
Expected volatility (2)		45.21	%		52.81	%
Risk-free interest rate (3)		1.52	%		0.77	%
Dividend yield (4)		1.02	%		-	%

(1)

The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding.

(2)

The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options.

(3)

The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant.

(4)

The expected dividend yield is the projected annual yield based on the grant date stock price.

Information About Options Exercised


	For the three months ended March 31,
	2014		2013
Number of options exercised		19,950		N/A
Total intrinsic value of options exercised	$	67,417	$	N/A
Cash received from options exercised		62,445		N/A
Tax deduction realized from options exercised		26,926		N/A

Compensation Expense Related to Stock Options


	For the three months ended March 31,
	2014		2013
Compensation expense	$	40,563	$	35,020
Income tax benefit		16,201		13,987

Schedule of Stock Options, by Exercise Price Range


		Options outstanding						Options exercisable
Range of exercise prices		Options outstanding		Weighted average remaining contractual life (in years)		Weighted average exercise price		Options exercisable		Weighted average exercise price
$	0.00 - 4.00		107,000		5.1	$	3.87		107,000	$	3.87
	4.01 - 7.00		167,000		7.4		6.14		103,002		6.06
	7.01 - 10.00		138,882		5.6		7.96		86,382		8.03
	10.01 - 13.00		48,524		2.5		12.46		48,524		12.46
	Total		461,406		5.8	$	6.83		344,908	$	6.78

Restricted Stock Grants [TableTextBlock]


	For the three months ended March 31,
	2014		2013
Number of shares granted		10,000		14,000
Average grant date fair value	$	7.84	$	6.02

Restricted Stock [Member]

Transactions under the Company’s stock option plans


	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2013		95,625	$	6.67
Granted		10,000		7.84
Vested		(3,500)		6.21
Nonvested restricted stock at March 31, 2014		102,125	$	6.80


	For the three months ended March 31,
	2014		2013
Compensation expense	$	59,270	$	47,935
Income tax benefit		23,672		19,145

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References+ Details