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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans |
| 7. | Stock-Based Compensation Plans.
The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 29% and 41%, risk-free interest rate of 1.0% to 2.9% and expected life of 3.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. In January 2021, 8,896 shares of restricted stock were granted to employees that will vest over the next four years. In January 2021, 18,882 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. In March 2020, 20,520 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. The number of common shares available for future issuance was 403,499 at December 31, 2021. In March 2021 and March 2020, 1,098 and 11,448 shares of stock, respectively, were granted to employees rather than stock options as in prior years. The Company recorded the following Stock compensation expense in its consolidated statements of income (in thousands):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Stock option grants |  | $ | 69 |  |  |  | 92 |  |  |  | 112 |
Restricted stock awards |  |  | 492 |  |  |  | 250 |  |  |  | — |
Employee stock grant |  |  | 50 |  |  |  | 530 |  |  |  | — |
Unrestricted employee stock award |  |  | — |  |  |  | — |  |  |  | 50 |
Annual director stock award |  |  | 500 |  |  |  | 500 |  |  |  | 70 |
Stock compensation |  | $ | 1,111 |  |  |  | 1,372 |  |  |  | 232 |
A Summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):
|  |  | Weighted |  | Weighted |  | Weighted
| Number |  | Average |  | Average |  | Average
| of |  | Exercise |  | Remaining |  | Grant Date
Options | Shares |  | Price |  | Term (yrs) |  | Fair Value(000's)
Outstanding at January 1, 2019 |  | 147,538 |  |  | $ | 33.48 |  |  |  | 6.7 |  |  | $ | 1,782 |
Exercised |  | (15,034 | ) |  | $ | 30.42 |  |  |  |  |  |  | $ | (151 | )
Outstanding at December 31, 2019 |  | 132,504 |  |  | $ | 33.82 |  |  |  | 5.8 |  |  | $ | 1,631 |
Exercised |  | (12,415 | ) |  | $ | 19.23 |  |  |  |  |  |  | $ | (100 | )
Outstanding at December 31, 2020 |  | 120,089 |  |  | $ | 35.33 |  |  |  | 5.3 |  |  | $ | 1,531 |
Exercised |  | (15,334 | ) |  | $ | 17.54 |  |  |  |  |  |  | $ | (115 | )
Outstanding at December 31, 2021 |  | 104,755 |  |  | $ | 37.93 |  |  |  | 4.8 |  |  | $ | 1,416 |
Exercisable at December 31, 2021 |  | 96,586 |  |  | $ | 37.26 |  |  |  | 4.7 |  |  | $ | 1,281 |
Vested during twelve months ended December 31, 2021 |  | 4,179 |  |  |  |  |  |  |  |  |  |  | $ | 69 |
The following table summarizes information concerning stock options outstanding at December 31, 2021: Summary of stock options outstanding
|  |  |  | Shares |  |  | Weighted |  |  | Weighted |
Range of Exercise |  |  |  | under |  |  | Average |  |  | Average |
Prices per Share |  |  |  | Option |  |  | Exercise Price |  | Remaining Life
Non-exercisable: |  |  |  |  |  |  |  |  |  |  |  |  |  |
$44.31 - $45.97 |  |  |  | 8,169 |  |  |  | $ | 45.94 |  |  |  | 6.9 | Years
Exercisable: |  |  |  |  |  |  |  |  |  |  |  |  |  |
$19.68 - $29.52 |  |  |  | 20,080 |  |  |  |  | 22.66 |  |  |  | 1.7 |
$29.53 - $44.30 |  |  |  | 31,130 |  |  |  |  | 35.11 |  |  |  | 4.0 |
$44.31 - $45.97 |  |  |  | 45,376 |  |  |  |  | 45.19 |  |  |  | 6.4 |
|  |  |  | 96,586 |  |  |  | $ | 37.26 |  |  |  | 4.7 | Years
Total |  |  |  | 104,755 |  |  |  | $ | 37.93 |  |  |  | 4.8 | Years
The aggregate intrinsic value of exercisable in-the-money options was $1,984,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,081,000 based on the market closing price of $57.80 on December 31, 2021 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2021 was $129,000, which is expected to be recognized over a weighted-average period of 1.9 years. Gains of $602,000 were realized by option holders during the year ended December 31, 2021. A Summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):
|  |  |  | Weighted |  | Weighted |  | Weighted
|  | Number |  | Average |  | Average |  | Average
|  | Of |  | Exercise |  | Remaining |  | Grant Date
Restricted stock |  | Shares |  | Price |  | Term (yrs) |  | Fair Value(000's)
Non-vested at January 1, 2020 |  |  | 0 |  |  | $ | 0 |  |  |  |  | $ | 0 |
Performance-based awards granted |  |  | 20,520 |  |  |  | 46.30 |  |  |  |  |  | 950 |
Non-vested at December 31, 2020 |  |  | 20,520 |  |  | $ | 46.30 |  |  | 3.4 |  | $ | 950 |
Time-based awards granted |  |  | 8,896 |  |  |  | 45.55 |  |  |  |  |  | 405 |
Performance-based awards granted |  |  | 18,882 |  |  |  | 45.55 |  |  |  |  |  | 860 |
Vested |  |  | (2,224 | ) |  |  | 45.55 |  |  |  |  |  | (101 | )
Non-vested at December 31, 2021 |  |  | 46,074 |  |  | $ | 45.88 |  |  | 3.1 |  | $ | 2,114 |
Total unrecognized compensation cost of restricted stock granted but not yet vested as of December 31, 2021 was $1,259,000 which is expected to be recognized over a weighted-average period of 3.4 years.

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