Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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		41,000		7.90
Options exercised		(19,950)		4.62
Options cancelled		(7,619)		10.84
Outstanding at June 30, 2014		462,406	$	6.83		5.6	$	1,327,395
Exercisable at June 30, 2014		360,575	$	6.77		4.6	$	1,092,251

Stock Options, Valuation Assumptions

	For the three months ended June 30,						For the six months ended June 30,
	2014			2013			2014			2013
Number of options granted		1,000			-			41,000			25,000
Weighted average exercise price	$	7.94		$	-		$	7.90		$	6.02
Weighted average fair value of options	$	2.69		$	-		$	3.03		$	2.91
Expected life in years (1)		5.40			-			5.40			5.11
Expected volatility (2)		38.76	%		-	%		45.05	%		52.81	%
Risk-free interest rate (3)		1.61	%		-	%		1.52	%		0.77	%
Dividend yield (4)		1.01	%		-	%		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 June 30,				For the six months ended June 30,
	2014		2013		2014		2013
Number of options exercised		-		-		19,950		-
Total intrinsic value of options exercised	$	-	$	-	$	67,417	$	-
Cash received from options exercised		-		-		62,445		-
Tax deduction realized from options exercised		-		-		26,926		-

Compensation Expense Related to Stock Options

	For the three months ended June 30,				For the six months ended June 30,
	2014		2013		2014		2013
Compensation expense	$	43,834	$	39,625	$	84,397	$	74,645
Income tax benefit		17,507		15,826		33,708		29,813

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		4.9	$	3.87		107,000	$	3.87
	4.01 - 7.00		167,000		7.2		6.14		118,669		6.14
	7.01 - 10.00		139,882		5.4		7.96		86,382		8.03
	10.01 - 13.00		48,524		2.3		12.46		48,524		12.46
	Total		462,406		5.6	$	6.83		360,575	$	6.77

Restricted Stock Grants

	For the three months ended June 30,				For the six months ended June 30,
	2014		2013		2014		2013
Number of shares granted		1,000		-		11,000		14,000
Average grant date fair value	$	8.78	$	-	$	7.92	$	6.02

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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		11,000		7.92
Vested		(8,125)		6.47
Forfeited		-		-
Nonvested restricted stock at June 30, 2014		98,500	$	6.83

Compensation Related Costs, Share-based Payments

	For the three months ended June 30,				For the six months ended June 30,
	2014		2013		2014		2013
Compensation expense	$	62,380	$	46,450	$	121,650	$	94,386
Income tax benefit		24,915		18,552		48,587		37,698