XML 30 R16.htm IDEA: XBRL DOCUMENT
v3.22.0.1

STOCK COMPENSATION PLANS | 12 Months Ended
--- | ---
Dec. 31, 2021
STOCK COMPENSATION PLANS [Abstract] |
STOCK COMPENSATION PLANS | NOTE 9 STOCK COMPENSATION PLANS On December 9, 2015, the Company’s stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, that replaced the 2005 Equity Compensation Plan, or the 2005 Plan, which expired on May 24, 2015. The 2015 Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The 2015 Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the 2015 Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2015 Plan) and deal with any other matters arising under the 2015 Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries are eligible for grants under the 2015 Plan. Non-employee directors of the Company are also eligible to receive grants under the 2015 Plan. The following summary reflects changes in the shares of Class A Stock under option:
|  | 2021 Shares |  | 2021 Weighted Average Exercise Price |  | 2020 Shares |  | 2020 Weighted Average Exercise Price |  | 2019 Shares |  | 2019 Weighted Average Exercise Price
Plan options |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year |  | 116,347 |  | $ | 20.90 |  |  | 153,250 |  | $ | 20.40 |  |  | 168,750 |  | $ | 20.11
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Exercised |  | (33,347) |  |  | 19.04 |  |  | (36,903) |  |  | 18.83 |  |  | (15,500) |  |  | 17.15
Expired |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Outstanding at end of year |  | 83,000 |  | $ | 21.65 |  |  | 116,347 |  | $ | 20.90 |  |  | 153,250 |  | $ | 20.40
Options exercisable at year end |  | 83,000 |  | $ | 21.65 |  |  | 116,347 |  | $ | 20.90 |  |  | 153,250 |  | $ | 20.40
The total intrinsic value of options exercised during 2021, 2020 and 2019 were $736,000, $620,000 and $334,000, respectively. During 2021, we received $635,000 in cash from the exercise of options, with a $941,000 tax benefit realized for those options. The following table summarizes information about employee and director stock options outstanding and exercisable at December 31, 2021:
Options Outstanding and Exercisable |  |  |  |  |  |
Range of Exercise Price |  | Shares Outstanding at December 31, 2021 |  | Weighted Average Remaining Life |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
$ | 19.01 - 20.46 |  | 15,500 |  | 0.35 Years |  | $ | 19.01 |  | $ | 423,460
$ | 20.47 - 22.66 |  | 67,500 |  | 1.85 Years |  | $ | 22.26 |  | $ | 1,624,725
As of December 31, 2021, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan. The following summary reflects changes in the shares of Class A Stock Restricted Stock Awards (RSA):
|  | 2021 Shares |  |  | 2021 Weighted Average Grant Date Fair Value |  |  | 2020 Shares |  |  | 2020 Weighted Average Grant Date Fair Value |  |  | 2019 Shares |  |  | 2019 Weighted Average Exercise Price |
Plan RSA’s |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year |  |  | 5,000 |  |  | $ | 35.01 |  |  |  | 5,000 |  |  | $ | 36.11 |  |  |  | 5,000 |  |  | $ | 38.51 |
Granted |  |  | 5,000 |  |  |  | 40.11 |  |  |  | 5,000 |  |  |  | 35.01 |  |  |  | 5,000 |  |  |  | 36.11 |
Vested/Released |  |  | (5,000 | ) |  |  | 35.01 |  |  |  | (5,000 | ) |  |  | 36.11 |  |  |  | (5,000 | ) |  |  | 38.51 |
Cancelled |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested Outstanding at end of year |  |  | 5,000 |  |  | $ | 40.11 |  |  |  | 5,000 |  |  | $ | 35.01 |  |  |  | 5,000 |  |  | $ | 36.11 |
On May 4, 2021, 5,000 shares of Class A Stock were granted as restricted stock awards. The fair value per share was $40.11, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 4, 2021. Prior to their release date, these restricted stock awards may be subject to forfeiture in the event of the recipient’s termination of service. On May 6, 2020, 5,000 shares of Class A Stock were granted as restricted stock awards. The fair value per share was $35.01, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 6, 2020. These shares vested and were released one year after the grant date. On May 8, 2019, 5,000 shares of Class A Common Stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $36.11, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 8, 2019. These shares vested and were released one year after the grant date. As of December 31, 2021, there was $67,600 of total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.34 years, the remaining vesting period for the restricted stock awards. The total intrinsic value of awards released during 2021 was approximately $204,900.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + 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