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Stock Compensation | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
STOCK COMPENSATION | NOTE 11 – STOCK COMPENSATION The Company sponsors a stock-based incentive compensation plan known as the 2013 Equity Compensation Plan (the “Plan”), which was established by the Board of Directors of the Company in June 2013. The Plan was amended several times since then to eventually increase the authorized shares to 3,000,000 as of December 31, 2020. The amended plan has been approved by shareholders. A total of 1,545,518 shares of common stock underlying options and 100,000 shares of common stock underlying restricted stock awards were outstanding at December 31, 2020. The Company had 299,461 remaining shares available to grant under the Plan at December 31, 2020. The Plan allows the Company to grant incentive stock options, non-qualified stock options, stock appreciation rights, or restricted stock. The incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent agents, consultants and attorneys, who the Company’s Board or Compensation Committee believes have contributed, or will contribute, to the success of the Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Compensation Committee of the Board of Directors at the time of the grant. The Plan provides for accelerated vesting of unvested options if there is a change in control, as defined in the Plan. The compensation cost that has been charged against income related to options for the years ended December 31, 2020 and 2019, was $1,884,202 and $1,687,745, respectively. No income tax benefit was recognized in the income statement and no compensation was capitalized in any of the years presented. The Company had the following option activity during the year ended December 31, 2020:
|  | Number of Options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life (years) |  |  | Aggregate intrinsic value $ |
Outstanding, January 1, 2019 |  |  | 1,554,700 |  |  | $ | 4.63 |  |  |  |  |  |  |  |  |
Granted |  |  | 410,134 |  |  | $ | 12.28 |  |  |  |  |  |  |  |  |
Exercised |  |  | (251,063 | ) |  | $ | 3.73 |  |  |  |  |  |  |  |  |
Expired or forfeited |  |  | (89,550 | ) |  | $ | 12.55 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 1,624,221 |  |  | $ | 6.27 |  |  |  | 2.6 |  |  | $ | 7,925,643 |
Granted |  |  | 467,549 |  |  | $ | 11.39 |  |  |  |  |  |  |  |  |
Exercised |  |  | (420,586 | ) |  | $ | 6.45 |  |  |  |  |  |  |  |  |
Expired or forfeited |  |  | (125,666 | ) |  | $ | 13.09 |  |  |  |  |  |  |  |  |
Outstanding, December 31, 2020 |  |  | 1,545,518 |  |  | $ | 7.31 |  |  |  | 2.3 |  |  | $ | 36,862,947 |
Exercisable, December 31, 2020 |  |  | 1,214,512 |  |  | $ | 4.64 |  |  |  | 1.5 |  |  | $ | 30,666,752 |
The exercise price of outstanding options ranges from $2.46 per share to $28.48 per share. A summary of the status of the Company’s nonvested options as of December 31, 2020, and changes during the year ended December 31, 2020, is presented below.
Nonvested Options |  | Options |  |  | Weighted-Average Exercise Price |
Nonvested at January 1, 2020 |  |  | 480,584 |  |  | $ | 10.72 |
Granted |  |  | 467,549 |  |  |  | 11.39 |
Vested |  |  | (531,461 | ) |  |  | 9.95 |
Forfeited |  |  | (85,666 | ) |  |  | 12.48 |
Nonvested at December 31, 2020 |  |  | 331,006 |  |  | $ | 12.44 |
There is $1,787,888 of expense remaining to be recognized over a period of approximately 2.5 years related to options outstanding at December 31, 2020. The Company granted restricted stock awards of 94,746 and 90,000 shares in 2020 and 2019, respectively, and valued at $850,985 and $938,700, respectively. These awards vest over a period of 1 to 5 years. The Company recognized expense of $838,514 and $125,160 in 2020 and 2019, respectively related to this award. A total of $826,010 remains to be recognized at December 31, 2020 over a period of 3.2 years.
Restricted Stock Awards |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at January 1, 2020 |  |  | 90,000 |  |  | $ | 10.43 |
Granted |  |  | 94,746 |  |  |  | 8.98 |
Vested and issued |  |  | (84,746 | ) |  |  | 7.54 |
Outstanding at December 31, 2020 |  |  | 100,000 |  |  | $ | 11.51 |

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