In 2001, the Company established the Bowman Consulting Group Ltd. Stock Option Plan (the Stock Option Plan), which allows for issuance of Incentive Stock Options (ISO) and Non-Qualified Stock Options (NQSO).

The number of shares for which each option shall be granted, whether or not the option is an ISO or NQSO, the option price, the exercisability of the option, and all other terms and conditions of the option are determined by the Board at the time the option is granted. The options generally vest over a period between two and five years.

A summary of the status of stock options exercised, including the substantive options discussed in Note 3, is as follows:

	Number of shares			Weighted Average Exercise Price
Outstanding at January 1, 2021		53,277		$	5.87
Granted		-			-
Exercised		(29,500	)		5.53
Expired or cancelled		-			-
Outstanding at March 31, 2021		23,777		$	6.29

The following summarizes information about options outstanding and exercisable at January 1, 2021 and March 31, 2021:

	Options Outstanding and Exercisable
	Exercise Price		Total Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price		Total Exercisable
January 1, 2021	$	6.37		53,277		4.5	$	5.87		53,277
March 31, 2021	$	6.74		23,777		5.0	$	6.29		23,777

The intrinsic value of these options on March 31, 2021 and December 31, 2020 was $6.00 and $6.43, respectively.

The Company received cash payments of $18,424 from the exercise of options under the Stock Option Plan in the three months ended March 31, 2021.

The Company did not record any compensation costs related to stock options during the three months ended March 31, 2021.

As of March 31, 2021, there is no unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Stock Option Plan. The remaining unexercised shares are from substantive options in which the non-recourse notes may be pre-paid, therefore the Company recognized the total calculated compensation expense at the time of issuance.