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Stock Compensation Plans
 6 Months Ended
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:

 

            
   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.