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13) Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Table Text Block Supplement [Abstract] |
Schedule of Assumptions Used | The following table summarizes the assumptions used in estimating the fair value of each option granted along with the weighted-average fair value of the options granted:
|  |  |  |  |  | Assumptions
Grant Date |  | Plan |  | Weighted-Average Fair Value of Each Option |  | Expected Dividend Yield |  | Underlying stock FMV |  | Weighted-Average Volatility |  | Weighted-Average Risk-Free Interest Rate |  | Weighted-Average Expected Life (years)
March 27, 2020 |  | All Plans |  | $ 0.65 |  | 5% |  | $ 3.76 |  | 32.29% |  | 1.64% |  | 4.82
December 6, 2019 |  | All Plans |  | $ 0.96 |  | 5% |  | $ 5.19 |  | 32.79% |  | 1.64% |  | 4.83
January 17, 2019 |  | All Plans |  | $ 1.12 |  | 5% |  | $ 4.98 |  | 36.04% |  | 2.56% |  | 5.31
Schedule of Activity of Stock Option Plans | Activity of the stock option plans is summarized as follows:
|  | 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
Adjustment for the effect of stock dividends |  | 51,018 |  |  |  | 28,295 |  |
Granted |  | 81,000 |  |  |  | 180,000 |  |
Exercised |  | (45,834) |  |  |  | (191,443) |  |
Cancelled |  | (11,405) |  |  |  | - |  |
Outstanding at December 31, 2019 |  | 1,086,053 |  | $ 4.41 |  | 594,132 |  | $ 5.36
Adjustment for the effect of stock dividends |  | 27,968 |  |  |  | 19,354 |  |
Granted |  | 77,000 |  |  |  | 180,000 |  |
Exercised |  | (116,487) |  |  |  | (130,820) |  |
Cancelled |  | (1,671) |  |  |  | - |  |
Outstanding at December 31, 2020 |  | 1,072,863 |  | $ 4.33 |  | 662,666 |  | $ 4.73
Exercisable at end of year |  | 1,053,903 |  | $ 4.45 |  | 616,542 |  | $ 4.91
Available options for future grant |  | 325,372 |  |  |  | 266,500 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at December 31, 2020 |  | 5.50 years |  |  |  | 6.71 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at December 31, 2020 |  | 5.43 years |  |  |  | 6.63 years |  |
Aggregated intrinsic value of options outstanding |  |  |  |  |  |  |
at December 31, 2020 (1) |  | $4,311,983 |  |  |  | $2,396,954 |  |
Aggregated intrinsic value of options exercisable |  |  |  |  |  |  |
at December 31, 2020 (1) |  | $4,223,251 |  |  |  | $2,183,399 |  |
(1) The Company used a stock price of $8.35 as of December 31, 2020 to derive intrinsic value.

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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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