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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 4. Stock-Based Compensation During the three-month period ended March 31, 2025, no stock options were granted. As of March 31, 2025, there was $187,000 of total unrecognized compensation cost related to non-vested options granted in 2024 under the 2024 Equity Incentive Plan, which will be fully realized by December 31, 2025. Compensation costs related to stock options amounted to $62,000 and $89,000 during the three-month periods ended March 31, 2025 and 2024, respectively. A summary of the Company’s stock option activity for the three-month period ended March 31, 2025 is as follows:
|  |  | Weighted |  |  |  |  |
|  |  | Average Exercise |  | Weighted Average |  | Aggregate
|  |  | Price |  | Remaining |  | Intrinsic Value
| Options |  | Per Share |  | Contractual Term |  | ($000)
Outstanding at January 1, 2025 | 220,600 |  | $ | 29.78 |  | 6.1 | Yrs. |  | $ | 112
Granted | — |  |  | — |  | — |  |  |  |
Exercised | — |  |  | — |  | — |  |  |  |
Forfeited | (5,500) |  |  | 28.23 |  | 7.7 |  |  |  |
Outstanding at March 31, 2025 | 215,100 |  | $ | 29.82 |  | 6.6 | Yrs. |  | $ | 34
Exercisable at March 31, 2025 | 183,600 |  | $ | 30.26 |  | 6.0 | Yrs. |  | $ | 34
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 $24.17 per share as of March 31, 2025 and $27.21 per share as of December 31, 2024. A summary of the Company’s restricted stock activity for the three-month periods ended March 31, 2025 and 2024 is as follows:
| 2025 |  | 2024
|  |  | Weighted- |  |  |  | Weighted-
|  |  | Average |  |  |  | Average
| Number of |  | Grant Date |  | Number of |  | Grant Date
| Restricted |  |  |  | Restricted |  |
| Stock |  | Fair Value |  | Stock |  | Fair Value
Non-vested, January 1, | 54,484 |  | $ | 22.72 |  | 45,966 |  | $ | 29.90
Granted | 1,220 |  |  | 26.44 |  | — |  |  | —
Vested | — |  |  | — |  | — |  |  | —
Forfeited | (2,147) |  |  | 28.99 |  | — |  |  | —
Non-vested, March 31, | 53,557 |  | $ | 22.56 |  | 45,966 |  | $ | 29.90
The expected future compensation expense relating to the 53,557 shares of non-vested restricted stock outstanding as of March 31, 2025 is $1,388,000. This cost will be recognized over the remaining vesting period of 4.75 years. Compensation costs related to restricted stock amounted to $117,000 and $104,000 during the three-month periods ended March 31, 2025 and 2024, respectively.

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