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EQUITY AWARDS | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
EQUITY AWARDS | NOTE 6 – EQUITY AWARDS The Company’s 2015 Equity Incentive Plan (the “Plan”) was adopted by the Company and approved by its shareholders in April 2015. The maximum number of shares of common stock that may be issued pursuant to stock-based awards under the Plan equals 1,100,000 shares, all of which may be subject to incentive stock option treatment. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have vesting periods ranging from 5 to 10 years and have 10-year contractual terms. Restricted stock awards vest under the period of restriction specified within their respective award agreements as determined by the Company. Forfeitures are recognized as they occur, subject to a 90-day grace period for vested options. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock and similar peer group averages. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes in to account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on U.S. Treasury yield curve in effect at the time of the grant. A summary of stock option activity in the Plan during the three months ended March 31, 2022 and 2021 follows:
Three Months Ended March 31, 2022 |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at beginning of year |  |  | 502,780 |  |  | $ | 25.77 |  |  |  | 5.59 |  |  | $ | 5,936 |
Granted |  |  | 39,000 |  |  |  | 35.89 |  |  |  |  |  |  |
Forfeited |  |  | (5,060 | ) |  |  | 26.92 |  |  |  |  |  |  |
Balance, March 31, 2022 |  |  | 536,720 |  |  | $ | 26.50 |  |  |  | 5.65 |  |  | $ | 4,626 |
Exercisable at end of period |  |  | 307,086 |  |  | $ | 24.30 |  |  |  | 4.28 |  |  | $ | 3,285 |
Three Months Ended March 31, 2021 |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at beginning of year |  |  | 506,200 |  |  | $ | 26.81 |  |  |  | 5.82 |  |  | $ | 1,805 |
Effect of 10% stock dividend |  |  | 50,770 |  |  |  |  |  |  |  |  |  |
Granted |  |  | 24,500 |  |  |  | 33.37 |  |  |  |  |  |  |
Exercised |  |  | (24,250 | ) |  |  | 21.74 |  |  |  |  |  |  |
Forfeited |  |  | (10,000 | ) |  |  | 28.54 |  |  |  |  |  |  |
Balance, March 31, 2021 |  |  | 547,220 |  |  | $ | 24.81 |  |  |  | 5.88 |  |  | $ | 6,532 |
Exercisable at end of period |  |  | 296,922 |  |  | $ | 23.49 |  |  |  | 4.64 |  |  | $ | 3,938 |
A summary of nonvested stock option activity in the Plan during the three months ended March 31, 2022 and 2021 follows:
Three Months Ended March 31, 2022 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 207,084 |  |  | $ | 5.23 |
Granted |  |  | 39,000 |  |  |  | 6.03 |
Vested |  |  | (14,030 | ) |  |  | 5.21 |
Forfeited |  |  | (2,420 | ) |  |  | 9.13 |
Balance, March 31, 2022 |  |  | 229,634 |  |  | $ | 5.38 |
Three Months Ended March 31, 2021 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 214,680 |  |  | $ | 4.46 |
Effect of 10% stock dividend |  |  | 23,218 |  |  |  |
Granted |  |  | 24,500 |  |  |  | 5.67 |
Vested |  |  | (12,100 | ) |  |  | 4.59 |
Balance, March 31, 2021 |  |  | 250,298 |  |  | $ | 5.11 |
No options were exercised during the quarter ended March 31, 2022. Information related to stock options in the Plan is as follows for the three months ended:
|  | March 31, 2022 |  |  | March 31, 2021 |
Intrinsic value of options exercised |  | $ | — |  |  | $ | 364 |
Cash received from options exercised |  |  | — |  |  |  | 527 |
Weighted average fair value of options granted |  |  | 6.03 |  |  |  | 5.67 |
Restricted Stock Awards and Units A summary of restricted stock activity in the Plan during the three months ended March 31, 2022 and 2021 follows:
Three Months Ended March 31, 2022 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 30,190 |  |  | $ | 27.52 |
Vested |  |  | (4,070 | ) |  |  | 27.50 |
Balance, March 31, 2022 |  |  | 26,120 |  |  | $ | 27.52 |
Three Months Ended March 31, 2021 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 35,300 |  |  | $ | 29.72 |
Effect of 10% stock dividend |  |  | 3,530 |  |  |  |
Vested |  |  | (4,840 | ) |  |  | 30.25 |
Balance, March 31, 2021 |  |  | 33,990 |  |  | $ | 26.95 |
Restricted stock granted to employees typically vests over five years, but vesting periods may vary. Compensation expense for these grants will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of March 31, 2022, there was $1,817 of total unrecognized compensation expense related to unvested stock options granted under the Plan. The expense is expected to be recognized over a weighted-average period of 3.17 years. The Company granted options under the Plan during the first three months of 2022 and 2021. Expense of $156 and $162 was recorded during the three months ended March 31, 2022 and 2021, respectively, which represents the fair value of shares vested during those periods.

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