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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 4. Stock-Based Compensation During the nine-month period ended September 30, 2022, no stock options were granted. As of September 30, 2022, there was $67,000 of total unrecognized compensation cost related to non-vested options granted in 2021 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2022. Compensation costs related to stock options amounted to $201,000 and $160,000 during the nine-month periods ended September 30, 2022 and 2021, respectively. A summary of the Company’s stock option activity for the nine-month period ended September 30, 2022 is as follows:
|  |  | Weighted |  |  |  |  |
|  |  | Average Exercise |  | Weighted Average |  | Aggregate
|  |  | Price |  | Remaining |  | Intrinsic Value
| Options |  | Per Share |  | Contractual Term |  | ($000)
Outstanding at January 1, 2022 | 226,075 |  | $ | 26.37 |  | 6.4 | Yrs. |  | $ | 520
Granted | — |  |  | - |  | - |  |  |  |
Exercised | (21,600) |  |  | 18.49 |  | 1.0 |  |  |  |
Forfeited | — |  |  | - |  | - |  |  |  |
Outstanding at September 30, 2022 | 204,475 |  | $ | 27.20 |  | 6.1 | Yrs. |  | $ | 380
Exercisable at September 30, 2022 | 162,975 |  | $ | 27.56 |  | 5.3 | Yrs. |  | $ | 380
Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option. The market price was $26.58 per share as of September 30, 2022 and $25.99 per share as of December 31, 2021. A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 2022 and 2021 is as follows:
| 2022 |  | 2021
|  |  | Weighted-Average |  |  |  |  | Weighted-Average
| Number of |  | Grant Date |  | Number of |  | Grant Date
| Restricted Stock |  | Fair Value |  | Restricted Stock |  | Fair Value
Non-vested, January 1, | 32,030 |  | $ | 29.76 |  | 39,135 |  | $ | 30.72
Granted | 7,500 |  |  | 25.71 |  | — |  |  | —
Vested | — |  |  | — |  | — |  |  | —
Forfeited | — |  |  | — |  | (3,900) |  |  | 30.86
Non-vested, September 30, | 39,530 |  | $ | 28.99 |  | 35,235 |  | $ | 30.71
The expected future compensation expense relating to the 39,530 shares of non-vested restricted stock outstanding as of September 30, 2022 is $875,000. This cost will be recognized over the remaining vesting period of 4.25 years. Compensation costs related to restricted stock amounted to $272,000 and $251,000 during the nine-month periods ended September 30, 2022 and 2021, respectively.

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