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Capital Stock, Stock Plans and Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Options Valuation Assumptions

 

     Outside Director Stock Options Granted  
     May 4, 2021  
Weighted-average fair value per option  $ 4.97  
Risk -free interest rate (1)    1.61 %
Expected volatility of stock (2)    55.91 %
Dividend yield    None  
Expected option life (3)    10.0 years  

 

 

(1) The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option.

 

(2) The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option.

 

(3) The expected option life is based on historical exercises and post-vesting data.
Schedule of Share-based Compensation, Allocation of Recognized Period Costs

The following table summarizes stock-based compensation recognized for the three and six months ended June 30, 2021 and 2020 for our employee and director stock options.

 

   2021   2020   2021   2020 
   Three Months Ended   Six Months Ended 
Stock Options  June 30,   June 30, 
   2021   2020   2021   2020 
Employee Stock Options  $33,000   $33,000   $66,000   $65,000 
Director Stock Options   9,000    15,000    21,000    27,000 
Total  $42,000   $48,000   $87,000   $92,000 
Schedule of Stock Options Roll Forward

The summary of the Company’s total Stock Option Plans as of June 30, 2021 and June 30, 2020, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan, the 2017 Plans and the 2003 Plan:

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value (4) 
Options outstanding January 1, 2021   658,400   $3.87           
Granted   6,000   $7.50           
Exercised   (500)  $3.15        $2,175 
Forfeited/expired   (1,500)  $3.15           
Options outstanding end of period (1)   662,400   $3.90    3.1   $2,153,595 
Options exercisable at June 30, 2021(2)   391,900   $4.08    3.1   $1,202,495 

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value (4) 
Options outstanding January 1, 2020   681,300   $3.84           
Granted   6,000   $7.00         16,060 
Exercised   (12,500)  $3.47           
Forfeited/expired   (20,000)  $3.45           
Options outstanding end of period (3)   654,800   $3.88    3.7   $1,685,031 
Options exercisable as of June 30, 2020(3)   306,800   $4.20    3.6   $711,306 

 

(1) Options with exercise prices ranging from $2.79 to $7.50
(2) Options with exercise prices ranging from $2.79 to $7.29
(3) Options with exercise prices ranging from $2.79 to $8.40
(4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price.