XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Stock-Based Compensation Plans | 12 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Equity Incentive Plans On April 17, 2008, the Company adopted its 2008 Plan, which provided for the grant of stock-based awards for key employees and non-employee members of the Company’s board of directors. The 2008 Plan expired on December 31, 2018, and no new awards were granted under this plan after that date. As of December 31, 2020, all granted stock options under the 2008 Plan had been exercised. Effective July 1, 2023, all restricted stock awards had vested or been forfeited and the 2008 Plan was completed. On October 25, 2018, the Company adopted its 2018 Plan, which was approved by the Company’s shareholders in April of 2019. The 2018 Plan provides for the granting of stock-based awards to key employees, directors, and consultants. The Compensation Committee administers the 2018 Plan, makes determinations with respect to participation, and authorizes stock-based awards under the plan. The maximum number of shares of the Company’s common stock available for issuance under the 2018 Plan was 200,000 shares. The status of the Company’s 2018 Plan is presented below:
| 2018 Plan Number of Shares
Awards available for issuance- December 31, 2022 | 173,550 |
Awards granted | (9,300) |
Awards forfeited | 1,850 |
Awards available for issuance - December 31, 2023 | 166,100 |
Awards granted | (12,450) |
Awards forfeited | 575 |
Awards available for issuance - December 31, 2024 | 154,225 |
All disclosures for restricted stock shown below relate to outstanding awards under the 2008 and 2018 Plans. Restricted Stock Awards The restricted stock awards issued under the 2008 and 2018 Plans provide common stock to recipients at the grant date. The restrictions vest in twenty percent increments on the first through fifth anniversaries of the grant date. Compensation expense for these grants is recognized ratably over the vesting period of the awards based on the fair value of the stock at the grant date. During 2024, the Compensation Committee granted 12,450 restricted stock awards with a weighted average fair value of $49.02, and 575 restricted stock awards with a weighted average fair value of $49.22 were forfeited. For the year ended December 31, 2024, the compensation expense for the vested restricted stock was $370,000. As of December 31, 2024, there was approximately $1.1 million of total unrecognized compensation cost related to restricted stock awards. That cost is expected to be recognized over a weighted average period of 4.3 years. During 2023, the Compensation Committee granted 9,300 restricted stock awards with a weighted average fair value of $48.11, and 1,940 restricted stock awards with a weighted average fair value of $49.51 were forfeited. For the year ended December 31, 2023, the compensation expense for the vested restricted stock was $319,000. As of December 31, 2023, there was approximately $880,000 of total unrecognized compensation cost related to restricted stock awards. That cost was expected to be recognized over a weighted average period of 4.3 years. For the year ended December 31, 2022, the compensation expense for the vested restricted stock was $274,000. The Company funds the restricted stock from authorized, but unissued, shares. The status of the Company’s nonvested restricted stock is presented below:
|  | Nonvested Restricted Stock
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested - December 31, 2021 |  | 18,135 |  |  | $ | 45.61 |
Granted |  | 7,550 |  |  | $ | 53.40 |
Vested |  | (5,830) |  |  | $ | 43.03 |
Nonvested - December 31, 2022 |  | 19,855 |  |  | $ | 49.33 |
Granted |  | 9,300 |  |  | $ | 48.11 |
Vested |  | (5,870) |  |  | $ | 47.18 |
Forfeited |  | (1,940) |  |  | $ | 49.51 |
Nonvested - December 31, 2023 |  | 21,345 |  |  | $ | 49.40 |
Granted |  | 12,450 |  |  | $ | 49.02 |
Vested |  | (6,460) |  |  | $ | 48.90 |
Forfeited |  | (575) |  |  | $ | 49.22 |
Nonvested - December 31, 2024 |  | 26,760 |  |  | $ | 49.35 |
Director Compensation Program The Company has a Director Compensation Program. This program allows directors the option of receiving their board attendance fees in Company stock in lieu of cash. Under the program, director fees are earned and expensed in the year board services are rendered, and the related stock is issued the following year. The Director Compensation Program stock earned and the issuance of shares as board compensation for the years ended December 31, 2024, 2023, and 2022 were as follows:
| Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Share-based board compensation earned | $ | 62 |  |  | $ | 42 |  |  | $ | 85 |
Issuance of shares of common stock as board compensation: |  |  |  |  |
Number of shares issued | 811 |  | 1,660 |  | 675
Equity impact of shares issued | $ | 41 |  |  | $ | 85 |  |  | $ | 35 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration