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.