XML 46 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

STOCK OPTIONS | 12 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK OPTIONS | STOCK OPTIONS Incentive Stock Option Plan 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. Following is a summary of activity in the Incentive Stock Option Plans for the periods indicated:
| 2024 |  | 2023 |  | 2022
| Shares |  | Exercise Price* |  | Shares |  | Exercise Price* |  | Shares |  | Exercise Price*
Options outstanding at beginning of year | 75,862 |  |  | $ | 128.64 |  |  | 84,647 |  |  | $ | 106.43 |  |  | 87,610 |  |  | $ | 91.24 |
Granted | 17,519 |  |  | 203.55 |  |  | 14,425 |  |  | 178.25 |  |  | 17,625 |  |  | 137.93 |
Exercised | (18,430) |  |  | 103.81 |  |  | (21,260) |  |  | 72.09 |  |  | (14,780) |  |  | 50.79 |
Canceled | (5,899) |  |  | 169.97 |  |  | (1,950) |  |  | 148.08 |  |  | (5,808) |  |  | 114.48 |
Options outstanding at end of year | 69,052 |  |  | 150.74 |  |  | 75,862 |  |  | 128.64 |  |  | 84,647 |  |  | 106.43 |
Options exercisable at end of year | 29,757 |  |  | $ | 118.60 |  |  | 34,027 |  |  | $ | 100.00 |  |  | 43,412 |  |  | $ | 78.50 |
Options available for grant at end of year | 261,888 |  |  |  |  | 273,558 |  |  |  |  | 286,033 |  |  |
*Weighted Averages Options outstanding and exercisable at December 31, 2024 were as follows:
Qualified Stock Options | Options Outstanding |  | Options Exercisable
| Shares | Remaining Contractual Life (yrs)* | Exercise Price* |  | Shares |  | Exercise Price*
Range of Exercise Price |  |  |  |  |  |  |  |  |
$52.51 - $83.99 | 5,275 |  |  | 1.52 |  | $ | 65.36 |  |  | 5,275 |  |  | $ | 65.36 |
$92.50 - $138.75 | 25,662 |  |  | 5.70 |  | $ | 121.62 |  |  | 16,377 |  |  | $ | 114.52 |
$156.38 - $234.57 | 38,115 |  |  | 7.96 |  | $ | 182.16 |  |  | 8,105 |  |  | $ | 161.52 |
Total | 69,052 |  |  |  |  |  |  | 29,757 |  |  |
*Weighted Averages The weighted-average grant-date fair values of options granted during 2024, 2023, and 2022 were $86.89, $76.10 and $52.70, respectively. Stock option expense was $0.9 million, $0.8 million and $0.6 million for years ending 2024, 2023, and 2022, respectively. As of December 31, 2024, there was $1.8 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. Equity Incentive Plan 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.
| 2024 | 2023 | 2022
Options available for grant at end of year | 321,669 | 356,156 | 381,531
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. Non-Qualified Options Following is a summary of activity in the Non-Qualified Stock Option Plans for the periods indicated:
| 2024 |  | 2023 |  | 2022
| Shares |  | Exercise Price* |  | Shares |  | Exercise Price* |  | Shares |  | Exercise Price*
Options outstanding at beginning of year | — |  |  | $ | — |  |  | 1,000 |  |  | $ | 53.51 |  |  | 2,000 |  |  | $ | 53.51 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | (1,000) |  |  | 53.51 |  |  | (1,000) |  |  | 53.51 |
Canceled | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Options outstanding at end of year | — |  |  | — |  |  | — |  |  | — |  |  | 1,000 |  |  | 53.51 |
Options exercisable at end of year | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 1,000 |  |  | $ | 53.51 |
*Weighted Averages Restricted Stock Awards/Units Following is a summary of activity in the Restricted Stock Awards ("RSA")/Units for the periods indicated:
| 2024 | 2023 | 2022
| Shares |  | Grant-Date Fair Value* | Shares |  | Grant-Date Fair Value* | Shares |  | Grant-Date Fair Value*
Awards outstanding at beginning of year | 93,978 |  |  | $ | 158.99 |  | 97,630 |  |  | $ | 133.67 |  | 80,616 |  |  | $ | 129.53 |
Granted | 49,270 |  |  | 181.78 |  | 45,267 |  |  | 178.66 |  | 48,396 |  |  | 133.70 |
Exercised | (44,535) |  |  | 127.51 |  | (33,847) |  |  | 129.51 |  | (29,922) |  |  | 122.19 |
Canceled | (4,945) |  |  | 121.34 |  | (15,072) |  |  | 118.97 |  | (1,460) |  |  | 143.82 |
Awards outstanding at end of year | 93,768 |  |  | $ | 180.18 |  | 93,978 |  |  | $ | 158.99 |  | 97,630 |  |  | $ | 133.67 |
*Weighted Averages Restricted stock awards vest over a three year period. The weighted-average remaining contractual life in years for 2024, 2023 and 2022 was 1.33, 1.51 and 1.41, respectively. Compensation expense was $8.2 million, $6.6 million and $4.9 million for years ending 2024, 2023, and 2022, respectively. As of December 31, 2024, there was $8.9 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. Performance Stock Units 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. The 2020 target long-term incentive compensation mix established for the Company's Section 16 filers consists of RSAs and PSUs each representing fifty percent (50%) of the total long-term incentive compensation target value. PSU awards represent a right to receive a certain number of shares of the Company’s common stock at the end of the three-year performance period if certain financial or other performance targets/metrics have been met.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration