Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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		(13,697)		11.12
Outstanding at September 30, 2014		456,328	$	6.77		5.4	$	1,436,588
Exercisable at September 30, 2014		354,497	$	6.69		4.5	$	1,172,932

Stock Options, Valuation Assumptions

	For the three months ended September 30,						For the nine months ended September 30,
	2014			2013			2014			2013
Number of options granted		-			-			41,000			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)		-	%		-	%		45.05	%		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 September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Number of options exercised		-		11,667		19,950		11,667
Total intrinsic value of options exercised	$	-	$	15,367	$	67,417	$	15,367
Cash received from options exercised		-		-		62,445		-
Tax deduction realized from options exercised		-		-		26,926		-

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		4.6	$	3.87		107,000	$	3.87
	4.01 - 7.00		167,000		7.0		6.14		118,669		6.14
	7.01 - 10.00		139,882		5.1		7.96		86,382		8.03
	10.01 - 13.00		42,446		2.3		12.60		42,446		12.60
	Total		456,328		5.4	$	6.77		354,497	$	6.69

Compensation Expense Related to Stock Options

	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Compensation expense	$	36,564	$	30,431	$	120,961	$	105,076
Income tax benefit		14,604		12,154		48,312		41,967

Restricted Stock Grants

	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Number of shares granted		-		-		11,000		14,000
Average grant date fair value	$	-	$	-	$	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		(11,125)		6.15
Forfeited		-		-
Nonvested restricted stock at September 30, 2014		95,500	$	6.87

Compensation Related Costs, Share-based Payments

	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Compensation expense	$	63,239	$	50,628	$	184,889	$	145,014
Income tax benefit		25,258		20,221		73,845		57,919