v3.22.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
Information with respect to options outstanding during the years ended December 31, 2021 and 2020 is as follows:
20212020
SharesWeighted Average Exercise PriceSharesWeighted Average Exercise Price
Outstanding at beginning of year1,169,413 $12.21 1,308,047 $11.00 
Add: Granted170,244 24.51 205,100 13.95 
Less: Exercised(186,461)9.61 (142,901)7.72 
Less: Retired on exercise(54,192)9.41 (137,334)7.90 
Less: Expired/cancelled/forfeited(38,981)7.43 (63,499)11.60 
Outstanding at end of year1,060,023 $14.77 1,169,413 $12.21 
Exercisable at end of year551,804 $12.55 567,593 $11.13 
Schedule of 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:
Exercise Price RangeWeighted Average Exercise PriceAverage Remaining Life (years)Outstanding SharesExercisable Shares
December 31, 2021
$10.70 - 14.63
$12.89 2.45892,529 546,804 
14.64 - 18.56
14.96 3.1422,750 5,000 
18.57 - 22.49
21.86 4.712,500  
22.50 - 26.41
26.41 5.00142,244  
Total outstanding options$14.77 2.801,060,023 551,804 
Intrinsic value on December 31, 2021$12,143,007 $7,529,711 
December 31, 2020
$8.50 - 12.38
$11.03 2.25740,513 508,379 
12.39 - 14.38
13.86 4.89189,100 3,500 
14.39 - 14.89
14.57 4.00239,800 55,714 
Total outstanding options$12.21 3.001,169,413 567,593 
Intrinsic value on December 31, 2020$2,164,598 $1,620,892 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted average fair value of options granted during 2021 and 2020 were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:
20212020
Dividend yield0.80%0.00%
Risk free interest rate0.25%0.43%
Expected volatility60.97%64.46%
Expected life in years55
Schedule of Share-based Compensation, Restricted Stock Units Award Activity Nonvested restricted stock for the years ended December 31, 2021 and 2020 is summarized in the following table.
20212020
SharesWeighted Average Grant-Date Fair ValueSharesWeighted Average Grant-Date Fair Value
Nonvested at beginning of year30,713 $13.46 19,500 $12.38 
Add: Granted29,405 14.88 16,713 14.36 
Less: Vested(11,071)13.38 (5,500)12.38 
Less: Forfeited  — — 
Nonvested at end of year49,047 $14.33 30,713 $13.46 
Share Based Compensation, Restricted Stock, Vesting Schedule
The vesting schedule of restricted shares as of December 31, 2021 is as follows:
YearShares
202220,874 
202318,374 
20249,799 
49,047