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Capital Stock, Stock Plans and Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
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, 2023 and 2022 for our employee and director stock options.

 

                     
   Three Months Ended   Six Months Ended 
Stock Options  June 30,   June 30, 
   2023   2022   2023   2022 
Employee Stock Options  $93,000   $86,000   $179,000   $172,000 
Director Stock Options   32,000    17,000    64,000    33,000 
Total  $125,000   $103,000   $243,000   $205,000 
Schedule of Stock Options Roll Forward

The summary of the Company’s total Stock Option Plans as of June 30, 2023, and June 30, 2022, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2017 Plan and the 2003 Outside Directors Stock Plan (the “2003 Plan”):

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)  

Aggregate Intrinsic

Value (2)

 
Options outstanding January 1, 2023   1,018,400   $5.02         -  
Granted   295,000   $3.95           
Exercised   (265,600)  $3.70        $2,002,502 
Forfeited/expired/cancelled   (64,500)  $3.67           
Options outstanding end of period (1)   983,300   $5.15    4.9   $5,734,647 
Options exercisable at June 30, 2023(1)   278,300   $4.75    3.4   $1,732,347 

 

   Shares   Weighted Average Exercise Price  

Weighted Average Remaining Contractual Term (years)

  

Aggregate Intrinsic

Value (2)

 
Options outstanding January 1, 2022   1,019,400   $4.91         -  
Granted   —   $—           
Exercised   (50,000)  $3.97        $98,000 
Forfeited/expired/cancelled   —   $—           
Options outstanding end of period (1)   969,400   $4.96    3.7   $883,991 
Options exercisable at June 30, 2022(1)   405,900   $3.91    2.5   $577,276 

 

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