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13) Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2020
Disclosure Text Block [Abstract] |
13) Stock-based Compensation | 13) Stock Compensation Plans The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $358,878 and $256,996 has been recognized under these plans for the years ended December 31, 2020 and 2019, respectively, and is included in personnel expenses on the consolidated statements of earnings. As of December 31, 2020, the total unrecognized compensation expense related to the options issued was $39,152, 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. 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
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.
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 years ended December 31, 2020 and 2019 was $663,901 and $271,220, respectively.

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