On May 7, 2015, the stockholders of the Company approved the 2015 Incentive Stock Option Plan (“2015 ISO Plan”) and the Company reserved 400,000 shares of common stock for options to be issued under the 2015 ISO Plan. Each option becomes vested and exercisable for up to 20% of the total optioned shares one year following the grant of the option and for an additional 20% of the total optioned shares after each succeeding year until the option is fully exercisable at the end of the fifth year.

We also maintain other incentive option plans that have expired, under which previously granted awards remain outstanding. No additional grants may be awarded under these plans.


	2022			2021			2020
	Shares	Exercise Price*		Shares	Exercise Price*		Shares	Exercise Price*
Options outstanding at beginning of year	87,610	$	91.24	100,920	$	68.58	119,720	$	57.65
Granted	17,625	137.93		18,900	156.38		13,950	114.53
Exercised	(14,780)	50.79		(30,210)	53.68		(31,300)	45.94
Canceled	(5,808)	114.48		(2,000)	130.92		(1,450)	96.97
Options outstanding at end of year	84,647	106.43		87,610	91.24		100,920	68.58
Options exercisable at end of year	43,412	$	78.50	49,360	$	61.21	67,700	$	52.60
Options available for grant at end of year	286,033			297,850			314,750


Qualified Stock Options	Options Outstanding					Options Exercisable
	Shares	Remaining Contractual Life (yrs)*		Exercise Price*		Shares	Exercise Price*
Range of Exercise Price

$42.70 - $83.99	27,725		2.32	$	57.89	27,725	$	57.89
$92.50 - $138.75	40,422		7.57	$	119.34	12,387	$	103.89
$156.38 - $234.57	16,500		8.16	$	156.38	3,300	$	156.38
Total	84,647					43,412

The weighted-average grant-date fair values of options granted during 2022, 2021, and 2020 were $52.70, $59.01 and $38.33, respectively. Stock option expense was $0.6 million, $0.6 million and $0.5 million for years ending 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $1.3 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a period of five years.

On May 2, 2019, the stockholders of the Company approved the 2019 Equity Incentive Plan and the Company reserved 500,000 shares of common stock for issuance of equity awards including the issuance of non-qualified options for the purchase of shares of our common stock which may be granted to Company officers and non-employee directors. Options become vested and exercisable for up to 20% of the total optioned shares one year following the grant of the option and for an additional 20% of the total optioned shares after each succeeding year until the option is fully exercisable at the end of the fifth year.


	2022	2021	2020
Options available for grant at end of year	381,531	423,969	455,549

We also maintain other incentive option plans that have expired, under which previously granted awards remain outstanding. No additional grants may be awarded under these plans.


	2022			2021			2020
	Shares	Exercise Price*		Shares	Exercise Price*		Shares	Exercise Price*
Options outstanding at beginning of year	2,000	$	53.51	3,000	$	53.51	5,300	$	46.87
Granted	—	—		—	—		—	—
Exercised	(1,000)	53.51		(1,000)	53.51		(2,300)	38.22
Canceled	—	—		—	—		—	—
Options outstanding at end of year	1,000	53.51		2,000	53.51		3,000	53.51
Options exercisable at end of year	1,000	$	53.51	2,000	$	53.51	3,000	$	53.51


Non-Qualified Stock Options	Options Outstanding					Options Exercisable
	Shares	Remaining Contractual Life (yrs)*		Exercise Price*		Shares	Exercise Price*
Range of Exercise Price


$42.70 - $83.99	1,000		1.36	$	53.51	1,000	$	53.51
Total	1,000					1,000

There were no options granted in 2020, 2021 or 2022. Stock option expense was zero for years ending 2022, 2021, and 2020, respectively. As of December 31, 2022, there was zero unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans.

During 2022, 2021, and 2020, 1,000, 1,000, and 2,300 non-qualified options were exercised, respectively, $0.1 million, $0.1 million, and $0.1 million of cash receipts were received, respectively.


	2022			2021			2020
	Shares	Grant-Date Fair Value*		Shares	Grant-Date Fair Value*		Shares	Grant-Date Fair Value*
Awards outstanding at beginning of year	80,616	$	129.53	91,043	$	104.77	78,705	$	94.34
Granted	48,396	133.70		35,224	157.00		44,307	111.95
Exercised	(29,922)	122.19		(45,651)	101.36		(31,594)	88.90
Canceled	(1,460)	143.82		—	—		(375)	100.34
Awards outstanding at end of year	97,630	133.67		80,616	129.53		91,043	104.77

Restricted stock awards vest over a three year period. The weighted-average remaining contractual life in years for 2022, 2021 and 2020 was 1.41, 1.61 and 1.95, respectively. Compensation expense was $4.9 million, $5.4 million and $3.7 million for years ending 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $7.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a period of three years.

In 2020, the Company's Board of Directors approved a change to our long-term incentive compensation plan to implement new performance-based equity grants in the form of a Performance Stock Unit ("PSU") award. PSU award vesting and payout amounts are tied to the Company's achievement of certain targeted financial metrics relating to a three-year performance period with the goal of more closely aligning executive compensation with long-term Company performance.