v3.19.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Compensation, Stock Options, Activity
Information with respect to options outstanding during the years ended December 31, 2018 and 2017 is as follows:
Stock Options Outstanding
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Outstanding at beginning of year
 
1,363,444

 
$
8.01

 
1,599,976

 
$
6.36

Add: Granted
 
373,750

 
11.44

 
260,600

 
12.38

Less: Exercised
 
(230,894
)
 
5.67

 
(358,332
)
 
4.65

Less: Retired on exercise
 
(37,240
)
 
5.07

 

 

Less: Expired/cancelled/forfeited
 
(37,200
)
 
7.34

 
(138,800
)
 
5.87

Outstanding at end of year
 
1,431,860

 
$
9.38

 
1,363,444

 
$
8.01

Exercisable at end of year
 
643,610

 
$
7.78

 
644,472

 
$
6.47

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable
A summary of information about stock options outstanding is as follows:
Stock Option Summary
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price
 
Average Remaining Life (years)
 
Outstanding Shares
 
Exercisable Shares
December 31, 2018
 
 
 
 
 
 
 
 
 
 
$
6.63

 
1.0

 
283,886

 
268,886

 
 
7.50

 
2.0

 
297,348

 
207,898

 
 
8.50

 
3.0

 
222,276

 
103,176

 
 
11.38

 
5.0

 
354,750

 

 
 
12.38

 
4.0

 
266,600

 
63,650

 
 
12.80

 
4.8

 
7,000

 

Total outstanding options
 
9.38

 
3.1

 
1,431,860

 
643,610

 Intrinsic value on December 31, 2018
 
 
 
 
 
$
3,178,491

 
$
2,399,743

 
 
 
 
 
 

 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
$
5.00

 
1.0

 
211,952

 
211,952

 
 
6.63

 
2.0

 
323,792

 
218,868

 
 
7.50

 
3.0

 
328,900

 
154,100

 
 
8.50

 
4.0

 
238,200

 
59,552

 
 
12.38

 
5.0

 
260,600

 

Total outstanding options
 
8.01

 
2.6

 
1,363,444

 
644,472

 Intrinsic value on December 31, 2017
 
$
5,951,363

 
$
4,271,277

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted average fair value of options granted during 2018 and 2017 were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:
Stock Option Pricing Assumptions
 
 
 
 
 
 
2018
 
2017
Dividend yield
 
0.00%
 
0.00%
Risk free interest rate
 
2.53%
 
2.20%
Expected volatility
 
18.94%
 
18.94%
Expected life in years
 
5
 
5
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
Nonvested restricted stock for the years ended December 31, 2018 and 2017 is summarized in the following table.
Restricted Stock Summary
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
 
Shares
 
Weighted Average Grant-Date Fair Value
 
Shares
 
Weighted Average Grant-Date Fair Value
Nonvested at beginning of year
 
42,000

 
$
8.66

 
52,000

 
$
7.45

Add: Granted
 
12,000

 
12.38

 
10,000

 
12.38

Less: Vested
 
(16,000
)
 
7.50

 
(16,000
)
 
7.50

Less: Forfeited
 

 

 
(4,000
)
 
6.88

Nonvested at end of year
 
38,000

 
$
10.32

 
42,000

 
$
8.66

Share Based Compensation, Restricted Stock, Vesting Schedule
The vesting schedule of restricted shares as of December 31, 2018 is as follows:
Restricted Stock Vesting Schedule
 
 
Year
 
Shares
2019
 
18,500

2020
 
5,500

2021
 
5,500

2022
 
5,500

2023
 
3,000

 
 
38,000