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STOCK COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2024
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 Company accounts for stock options issued after January 1, 2006 under FASB ASC Topic 718. Compensation expenses for restricted stock awards were $219,000, $254,000 and $152,000 in 2024, 2023 and 2022, respectively. Costs were determined based on the fair value on the dates of the awards and those costs were charged to income over the service periods associated with the awards. As of December 31, 2024, there was $63,000 of unrecognized expense related to non-vested awards of restricted shares granted under the 2015 Plan. There was no stock compensation cost capitalized as part of an asset. The following summary reflects changes in the shares of Class A Non-Voting Stock under option:
|  | 2024 Shares |  | 2024 Weighted Average Exercise Price |  | 2023 Shares |  | 2023 Weighted Average Exercise Price |  | 2022 Shares |  | 2022 Weighted Average Exercise Price
Plan options |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year |  | — |  | $ | — |  |  | 6,750 |  | $ | 21.86 |  |  | 83,000 |  | $ | 21.65
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Exercised |  | — |  |  | — |  |  | (6,750) |  |  | 21.86 |  |  | (76,250) |  |  | 21.63
Expired |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Outstanding at end of year |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 6,750 |  | $ | 21.86
Options exercisable at year end |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 6,750 |  | $ | 21.86
The total intrinsic value of options exercised during 2024, 2023 and 2022 were $0, $137,000 and $2,226,000, respectively. During 2024, we received $0 in cash from the exercise of options, with a $0 tax benefit realized for those options. The following table summarizes information about employee and director stock options outstanding and exercisable at December 31, 2024:
Options Outstanding and Exercisable |  |  |  |  |  |
Range of Exercise Price |  | Shares Outstanding at December 31, 2024 |  | Weighted Average Remaining Life |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
$ | 00.00 |  | 0 |  | 0 Years |  | $ | 00.00 |  | $ | 0
As of December 31, 2024, there were no outstanding option shares. The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards (RSA):
|  | 2024 Shares |  |  | 2024 Weighted Average Grant Date Fair Value |
Restricted stock awards |  |  |  |  |  |
Outstanding at January 1, 2024 |  |  | 5,000 |  |  | $ | 54.88 |
Granted |  |  | 5,000 |  |  |  | 37.07 |
Exercised/vested and released |  |  | (5,000 | ) |  |  | 54.88 |
Expired/cancelled |  |  | — |  |  |  | — |
Outstanding at December 31, 2024 |  |  | 5,000 |  |  | $ | 37.07 |
Exercisable/vested at December 31, 2024 |  |  | — |  |  |  | — |
Stock Options No options were granted in 2024, 2023 or 2022. Shares of Class A Non-Voting Stock have been reserved for future issuance under the 2015 Plan. Stock Awards On May 6, 2024, 5,000 shares of Class A Non Voting Common Stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $37.07, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 6, 2024. These restricted stock awards will be fully vested and released one year after the grant date and, prior to their vesting date, are subject to forfeiture in the event of the recipient’s termination of service. On May 9, 2023, 5,000 shares of Class A Non-Voting Common Stock, or Class A Non-Voting Stock, were granted as restricted stock awards. The fair value per share was $54.88, the closing price of the Class A Non-Voting Stock as recorded on the Nasdaq Global Select Market on May 9, 2023. These restricted stock awards were fully vested and released one year after the grant date. On May 3, 2022, 5,000 shares of Class A Non-Voting Stock, were granted as restricted stock awards. The fair value per share was $45.58, the closing price of the Class A Non-Voting Stock as recorded on the Nasdaq Global Select Market on May 3, 2022. These shares were fully vested and released one year after the grant date. As of December 31, 2024, there was $63,000 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 2024 was approximately $197,400.

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