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Capital Stock, Stock Plans and Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Valuation Assumptions

 

   Outside Director Stock Option Granted  

Employee Stock Option Granted

 
   Nine Months Ended September 30, 2022 
Weighted-average fair value per share  $3.61   $2.71 
Risk-free interest rate (1)   2.91%   3.00%
Expected volatility of stock (2)   55.04%   55.72%
Dividend yield   None    None 
Expected option life (3)   10.0 years    5.0 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 nine months ended September 30, 2022 and 2021 for our employee and director stock options.

 

   2022   2021   2022   2021 
   Three Months Ended   Nine Months Ended 
Stock Options  September 30,   September 30, 
   2022   2021   2022   2021 
Employee Stock Options  $76,000   $34,000   $248,000   $100,000 
Director Stock Options   29,000    28,000    62,000    49,000 
Total  $105,000   $62,000   $310,000   $149,000 
Schedule of Stock Options Roll Forward

The summary of the Company’s total stock option plans as of September 30, 2022 and September 30, 2021, and changes during the periods then ended, are presented below. The Company’s plans consist/consisted of the 2010 Stock Option Plan, the 2017 Plan and the 2003 Plan:

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value (3) 
Options outstanding January 1, 2022   1,019,400   $4.91         -  
Granted    94,000   $5.20           
Exercised   (52,400)  $4.04        $97,856 
Forfeited/expired   (9,600)  $5.50           
Options outstanding end of period (1)   1,051,400   $4.98    4.0   $492,939 
Options exercisable at September 30, 2022(1)   453,900   $3.93    2.4   $354,709 

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value (3) 
Options outstanding January 1, 2021   658,400   $3.87         -  
Granted   76,000   $6.05           
Exercised   (500)  $3.15        $2,175 
Forfeited/expired   (19,500)  $6.75           
Options outstanding end of period (1)   714,400   $4.02    3.6   $1,888,695 
Options exercisable at September 30, 2021 (2)   416,400   $3.91    2.9   $1,146,320 

 

(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)The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price.