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5) Stock Compensation Plans | 9 Months Ended
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Sep. 30, 2020
Disclosure Text Block [Abstract] |
5) Stock-based Compensation | 5) Stock Compensation Plans The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $104,562 and $65,746 has been recognized for these plans for the three months ended September 30, 2020 and 2019, respectively, and $271,959 and $195,487 has been recognized for these plans for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the total unrecognized compensation expense related to the options issued was $126,071, which is expected to be recognized over the vesting period of one year. The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant. A summary of the status of the Company’s stock compensation plans as of September 30, 2020, and the changes during the nine months ended September 30, 2020, are presented below:
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2020 |  | 1,086,053 |  | $ 4.41 |  | 594,132 |  | $ 5.36
Adjustment for effect of stock dividends |  | 27,968 |  |  |  | 19,354 |  |
Granted |  | 77,000 |  |  |  | 180,000 |  |
Exercised |  | (78,803) |  |  |  | - |  |
Cancelled |  | - |  |  |  | - |  |
Outstanding at September 30, 2020 |  | 1,112,218 |  | $ 4.28 |  | 793,486 |  | $ 4.88
As of September 30, 2020: |  |  |  |  |  |  |  |
Options exercisable |  | 1,053,033 |  | $ 4.39 |  | 652,805 |  | $ 5.14
As of September 30, 2020: |  |  |  |  |  |  |  |
Available options for future grant |  | 325,372 |  |  |  | 266,500 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at September 30, 2020 |  | 5.72 years |  |  |  | 5.94 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at September 30, 2020 |  | 5.51 years |  |  |  | 5.49 years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at September 30, 2020 (1) |  | $2,242,693 |  |  |  | $1,115,985 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at September 30, 2020 (1) |  | $2,228,291 |  |  |  | $894,505 |  |
(1) The Company used a stock price of $6.40 as of September 30, 2020 to derive intrinsic value.
A summary of the status of the Company’s stock compensation plans as of September 30, 2019, and the changes during the nine months ended September 30, 2019, are presented below:
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2019 |  | 1,011,274 |  | $ 4.49 |  | 577,280 |  | $ 5.15
Granted |  | 2,000 |  |  |  | - |  |
Exercised |  | (19,796) |  |  |  | (63,814) |  |
Cancelled |  | - |  |  |  | - |  |
Outstanding at September 30, 2019 |  | 993,478 |  | $ 4.50 |  | 513,466 |  | $ 5.33
As of September 30, 2019: |  |  |  |  |  |  |  |
Options exercisable |  | 955,195 |  | $ 4.46 |  | 489,840 |  | $ 5.34
As of September 30, 2019: |  |  |  |  |  |  |  |
Available options for future grant |  | 299,351 |  |  |  | 146,425 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at September 30, 2019 |  | 5.40 years |  |  |  | 3.63 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at September 30, 2019 |  | 5.34 years |  |  |  | 3.37 years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at September 30, 2019 (1) |  | $765,360 |  |  |  | $106,646 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at September 30, 2019 (1) |  | $765,360 |  |  |  | $106,646 |  |
(1) The Company used a stock price of $4.90 as of September 30, 2019 to derive intrinsic value.
The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the nine months September 30, 2020 and 2019 was $191,309 and $112,340, respectively.

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