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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2023
Stock Based Compensation [Abstract] |
Stock-Based Compensation | 4. Stock-Based Compensation During the three-month period ended March 31, 2023, 2,500 stock options were granted. As of March 31, 2023, there was $287,000 of total unrecognized compensation cost related to non-vested options granted in 2022 and 2023 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2023. Compensation costs related to stock options amounted to $96,000 and $67,000 during the three-month periods ended March 31, 2023 and 2022, respectively. A summary of the Company’s stock option activity for the three-month period ended March 31, 2023 is as follows:
|  |  | Weighted |  |  |  |  |
|  |  | Average Exercise |  | Weighted Average |  | Aggregate
|  |  | Price |  | Remaining |  | Intrinsic Value
| Options |  | Per Share |  | Contractual Term |  | ($000)
Outstanding at January 1, 2023 | 218,975 |  | $ | 28.70 |  | 6.8 | Yrs. |  | $ | 1,100
Granted | 2,500 |  |  | 29.60 |  | 10.0 |  |  |  |
Exercised | (14,250) |  |  | 23.39 |  | 5.7 |  |  |  |
Forfeited | — |  |  | - |  | - |  |  |  |
Outstanding at March 31, 2023 | 207,225 |  | $ | 29.07 |  | 6.7 | Yrs. |  | $ | 528
Exercisable at March 31, 2023 | 166,725 |  | $ | 28.04 |  | 5.9 | Yrs. |  | $ | 528
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 $29.42 per share as of March 31, 2023 and $33.44 per share as of December 31, 2022. A summary of the Company’s restricted stock activity for the three-month periods ended March 31, 2023 and 2022 is as follows:
| 2023 |  | 2022
|  |  | Weighted-Average |  |  |  |  | Weighted-Average
| Number of |  | Grant Date |  | Number of |  | Grant Date
| Restricted Stock |  | Fair Value |  | Restricted Stock |  | Fair Value
Non-vested, January 1, | 44,460 |  | $ | 30.12 |  | 32,030 |  | $ | 26.76
Granted | — |  |  | — |  | — |  |  | —
Vested | — |  |  | — |  | — |  |  | —
Forfeited | — |  |  | — |  | — |  |  | —
Non-vested, March 31, | 44,460 |  | $ | 30.12 |  | 32,030 |  | $ | 26.76
The expected future compensation expense relating to the 44,460 shares of non-vested restricted stock outstanding as of March 31, 2023 is $1,180,000. This cost will be recognized over the remaining vesting period of 3.5 years. Compensation costs related to restricted stock amounted to $114,000 and $82,000 during the three-month periods ended March 31, 2023 and 2022, respectively.

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