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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 4. Stock-Based Compensation During the nine-month period ended September 30, 2023, 2,500 stock options were granted. As of September 30, 2023, there was $96,000 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 $287,000 and $201,000 during the nine-month periods ended September 30, 2023 and 2022, respectively. A summary of the Company’s stock option activity for the nine-month period ended September 30, 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 |  | 9.5 |  |  |  |
Exercised | (16,125) |  |  | 22.76 |  | 5.1 |  |  |  |
Forfeited | (4,500) |  |  | 33.53 |  | 9.2 |  |  |  |
Outstanding at September 30, 2023 | 200,850 |  | $ | 29.07 |  | 6.1 | Yrs. |  | $ | 193
Exercisable at September 30, 2023 | 164,850 |  | $ | 28.16 |  | 5.5 | Yrs. |  | $ | 193
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 $25.76 per share as of September 30, 2023 and $33.44 per share as of December 31, 2022. A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 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 | — |  |  | — |  | 7,500 |  |  | 25.71
Vested | (3,000) |  |  | 25.71 |  | — |  |  | —
Forfeited | — |  |  | — |  | — |  |  | —
Non-vested, September 30, | 41,460 |  | $ | 30.44 |  | 39,530 |  | $ | 28.99
The expected future compensation expense relating to the 41,460 shares of non-vested restricted stock outstanding as of September 30, 2023 is $968,000. This cost will be recognized over the remaining vesting period of 4.25 years. Compensation costs related to restricted stock amounted to $326,000 and $272,000 during the nine-month periods ended September 30, 2023 and 2022, respectively.

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