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Stock Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
The following table presents stock option information for the period indicated.
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual
Life in Years
Outstanding Options at December 31, 2024377,088 $23.65 5.7
Granted— — 
Exercised(75,869)22.98 
Forfeited(38,904)23.30 
Outstanding Options at September 30, 2025262,315 $23.90 5.6
Exercisable Options at September 30, 2025145,395 $24.74 3.9
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Service Period in Years
Nonvested Options at September 30, 2025116,920 $22.85 7.7
The following table presents restricted stock award information for the period indicated:
Number of SharesWeighted Average Grant Date Fair Value PriceWeighted Average Remaining Service Period in Years
Nonvested Restricted Stock at December 31, 202465,029 $22.64 3.0
Granted25,235 30.62 
Vested(17,863)22.84 
Forfeited(310)21.50 
Nonvested Restricted Stock at September 30, 202572,091 $25.39 3.1
The Company recognizes expense over a five-year vesting period for the restricted stock awards and stock options. Stock-based compensation expense related to restricted stock awards and stock options was $195,000 and $215,000 for the three months ended September 30, 2025 and 2024. Stock-based compensation expense was $610,000 and $591,000 for the nine months ended September 30, 2025 and 2024.
As of September 30, 2025 and December 31, 2024, total unrecognized compensation expense was $443,000 and $701,000, respectively, related to stock options, and $1.5 million and $1.2 million, respectively, related to restricted stock awards.
Intrinsic value represents the amount by which the fair value of the underlying stock at September 30, 2025 and December 31, 2024 exceeds the exercise price of the stock options. The intrinsic value of stock options was $2.4 million and $1.9 million at September 30, 2025 and December 31, 2024, respectively.
At September 30, 2025 and December 31, 2024, there were 262,265 and 287,500 shares of common stock available and reserved under the 2024 Plan to be issued as restricted stock awards or units based on the terms of the Plan. At September 30, 2025, 25,235 shares have been granted under the 2024 Plan. The 2021 Plan shall remain in effect as long as any awards are outstanding, but as a result of the approval of the 2024 Plan, no more awards can be granted under the 2021 Plan.