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Stock Compensation Plans | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock Compensation Plans | 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 $ 0 and $101,520 has been recognized for these plans for the three months ended June 30, 2021 and 2020, respectively, and $39,153 and $167,397 has been recognized for these plans for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the total unrecognized compensation expense related to the options issued was $0. 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 June 30, 2021, and the changes during the six months ended June 30, 2021, are presented below:
Schedule of stock inventive plan changes |  |  |  |  |  |  |  |
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2021 |  |  | 1,072,863 |  |  | $ | 4.22 |  |  |  | 662,666 |  |  | $ | 4.61 |
Adjustment for effect of stock dividends |  |  | 47,594 |  |  |  |  |  |  |  | 33,136 |  |  |  |  |
Granted |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Exercised |  |  | (97,313 | ) |  |  |  |  |  |  | — |  |  |  |  |
Cancelled |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Outstanding at June 30, 2021 |  |  | 1,023,144 |  |  | $ | 4.29 |  |  |  | 695,802 |  |  | $ | 4.61 |
As of June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 1,023,144 |  |  | $ | 4.29 |  |  |  | 695,802 |  |  | $ | 4.61 |
As of June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 358,462 |  |  |  |  |  |  |  | 279,825 |  |  |  |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding at June 30, 2021 |  |  | 5.18 years |  |  |  |  |  |  |  | 6.32 years |  |  |  |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
exercisable at June 30, 2021 |  |  | 5.18 years |  |  |  |  |  |  |  | 6.32 years |  |  |  |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding at June 30, 2021 (1) |  | $ | 4,135,399 |  |  |  |  |  |  | $ | 2,585,420 |  |  |  |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
exercisable at June 30, 2021 (1) |  | $ | 4,135,399 |  |  |  |  |  |  | $ | 2,585,420 |  |  |  |  |
(1) | The Company used a stock price of $8.33 as of June 30, 2021 to derive intrinsic value.
A summary of the status of the Company’s stock compensation plans as of June 30, 2020, and the changes during the six months ended June 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 |  |  | 29,099 |  |  |  |  |  |  |  | 22,544 |  |  |  |  |
Granted |  |  | 77,000 |  |  |  |  |  |  |  | 180,000 |  |  |  |  |
Exercised |  |  | (78,803 | ) |  |  |  |  |  |  | — |  |  |  |  |
Cancelled |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Outstanding at June 30, 2020 |  |  | 1,113,349 |  |  | $ | 4.27 |  |  |  | 796,676 |  |  | $ | 4.87 |
As of June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 1,013,955 |  |  | $ | 4.27 |  |  |  | 561,440 |  |  | $ | 5.11 |
As of June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 325,372 |  |  |  |  |  |  |  | 266,500 |  |  |  |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding at June 30, 2020 |  |  | 5.97 years |  |  |  |  |  |  |  | 6.18 years |  |  |  |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
exercisable at June 30, 2020 |  |  | 5.61 years |  |  |  |  |  |  |  | 5.32 years |  |  |  |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding at June 30, 2020 (1) |  | $ | 2,568,502 |  |  |  |  |  |  | $ | 1,360,855 |  |  |  |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
exercisable at June 30, 2020 (1) |  | $ | 2,338,090 |  |  |  |  |  |  | $ | 823,712 |  |  |  |  |
(1) | The Company used a stock price of $6.58 as of June 30, 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 six months June 30, 2021 and 2020 was $434,318 and $191,656, respectively.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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