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


			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

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.


	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

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