STOCK COMPENSATION PLANS

Under the Company’s 2003 Stock Option Plan, the Company was able to grant options for up to 300,000 shares of common stock to employees, officers, directors and directors emeriti. Under the Company's 2014 Equity Incentive Plan, the Company is able to grant options and awards of restricted stock (with or without performance measures) for up to 352,366 shares of common stock to employees, officers, directors and directors emeriti. Under the Company's 2019 Equity Incentive Plan, which was approved by shareholders on January 28, 2020, the Company is able to grant options and awards or restricted stock (with or without performance measures) for up to 350,000 shares of common stock to employees, officers, directors and directors emeriti. Shares issued may be purchased in the open market or may be issued from authorized and unissued shares. The exercise price of each option equals the fair market value of the Company’s common stock on the date of grant. Generally, options and restricted stock vest in 20% annual installments on each of the five anniversaries from the date of the grant, and options generally have a maximum contractual term of ten years from the date of grant. At March 31, 2020, there were 37,726 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2014 Equity Incentive Plan. At March 31, 2020, there were 350,000 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2019 Equity Incentive Plan.

At both March 31, 2020 and 2019, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the six months ended March 31, 2020 and 2019.

Stock option activity for the six months ended March 31, 2020 and 2019 is summarized as follows:



	Six Months Ended March 31, 2020				Six Months Ended March 31, 2019
	Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
Options outstanding, beginning of period	378,304		$	18.15	380,820		$	16.03
Exercised	(36,375	)	10.30		(30,416	)	9.31
Granted	1,000		26.50		—		—
Forfeited	(8,650	)	24.84		(3,900	)	18.63
Options outstanding, end of period	334,279		$	18.86	346,504		$	16.59

The weighted average assumptions for options granted during the six months ended March 31, 2020 were as follows:



Expected volatility	29		%
Expected life (in years)	5
Expected dividend yield	3.36		%
Risk free interest rate	1.61		%
Grant date fair value per share	$	4.98

The aggregate intrinsic value of options exercised during the six months ended March 31, 2020 and 2019 was $628,000 and $610,000, respectively.

At March 31, 2020, there were 154,670 unvested options with an aggregate grant date fair value of $584,000, all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at March 31, 2020 was $222,000. There were no options vested during the six months ended March 31, 2020.

At March 31, 2019, there were 169,650 unvested options with an aggregate grant date fair value of $513,000. There were 23,400 options with an aggregate grant date fair value of $218,000 that vested during the six months ended March 31, 2019.

Additional information regarding options outstanding at March 31, 2020 is as follows:



	Options Outstanding				Options Exercisable
Range of Exercise Prices ($)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
$ 4.01 - 4.55	1,000	$	4.01	1.7	1,000	$	4.01	1.7
5.86 - 6.00	19,100	5.97		2.6	19,100	5.97		2.6
9.00	37,425	9.00		3.6	37,425	9.00		3.6
10.26 - 10.71	91,064	10.59		5.1	68,914	10.58		5.0
15.67	42,800	15.67		6.5	23,000	15.67		6.5
26.50 - 27.14	46,640	27.13		9.5	—	N/A		N/A
29.69	53,200	29.69		7.5	21,400	29.69		7.5
31.80	43,050	31.80		8.5	8,770	31.80		8.5
	334,279	$	18.86	6.4	179,609	$	13.69	5.1

The aggregate intrinsic value of options outstanding at March 31, 2020 and 2019 was $1.41 million and $4.22 million, respectively.

As of March 31, 2020, unrecognized compensation cost related to unvested stock options was $510,000, which is expected to be recognized over a weighted average life of 2.24 years.