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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 4. Stock-Based Compensation During the six-month period ended June 30, 2024, no stock options were granted. As of June 30, 2024, there was $171,000 of total unrecognized compensation cost related to non-vested options granted in 2024 and 2023 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2024. Compensation costs related to stock options amounted to $175,000 and $191,000 during the six-month periods ended June 30, 2024 and 2023, respectively. A summary of the Company’s stock option activity for the six-month period ended June 30, 2024 is as follows:
|  |  | Weighted |  |  |  |  |
|  |  | Average Exercise |  | Weighted Average |  | Aggregate
|  |  | Price |  | Remaining |  | Intrinsic Value
| Options |  | Per Share |  | Contractual Term |  | ($000)
Outstanding at January 1, 2024 | 215,725 |  | $ | 29.81 |  | 6.9 | Yrs. |  | $ | 759
Granted | — |  |  | - |  | - |  |  |  |
Exercised | — |  |  | - |  | - |  |  |  |
Forfeited | (1,500) |  |  | 36.02 |  | 5.7 |  |  |  |
Outstanding at June 30, 2024 | 214,225 |  | $ | 30.62 |  | 6.4 | Yrs. |  | $ | 100
Exercisable at June 30, 2024 | 175,725 |  | $ | 30.83 |  | 5.7 | Yrs. |  | $ | 100
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 $25.38 per share as of June 30, 2024 and $32.91 per share as of December 31, 2023. A summary of the Company’s restricted stock activity for the six-month periods ended June 30, 2024 and 2023 is as follows:
| 2024 |  | 2023
|  |  | Weighted-Average |  |  |  |  | Weighted-Average
| Number of |  | Grant Date |  | Number of |  | Grant Date
| Restricted Stock |  | Fair Value |  | Restricted Stock |  | Fair Value
Non-vested, January 1, | 45,966 |  | $ | 29.90 |  | 44,460 |  | $ | 30.12
Granted | 1,004 |  |  | 24.90 |  | — |  |  | —
Vested | (1,200) |  |  | 25.71 |  | (3,000) |  |  | 25.71
Forfeited | — |  |  | — |  | — |  |  | —
Non-vested, June 30, | 45,770 |  | $ | 29.35 |  | 41,460 |  | $ | 30.44
The expected future compensation expense relating to the 45,770 shares of non-vested restricted stock outstanding as of June 30, 2024 is $1,174,000. This cost will be recognized over the remaining vesting period of 4.5 years. Compensation costs related to restricted stock amounted to $207,000 and $224,000 during the six-month periods ended June 30, 2024 and 2023, respectively.

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