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Equity Incentive Plans | 9 Months Ended
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Sep. 30, 2020
Equity Incentive Plans [Abstract] |
Equity Incentive Plans | Note 4 – Equity Incentive Plans Equity Incentive Plans The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On December 14, 2018, a grant of 300,000 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50% per year, over two years, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on December 14, 2018. On December 14, 2018, an award of 54,000 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On December 14, 2018, an award of 13,321 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, a grant of 68,750 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50% per year, over two years, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on June 14, 2019. On June 14, 2019, a grant of 30,125 options was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. The exercise price was recorded as of the close of business on June 14, 2019. On June 14, 2019, an award of 33,110 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, an award of 14,508 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. ‎ Note 4 – Equity Incentive Plans (Continued) The following table presents a summary of the status of the Company’s restricted shares as of September 30, 2020 and 2019.
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2020 | 81,278 |  | $ | 11.96
Granted | - |  |  | -
Vested | (25,232) |  |  | 12.40
Forfeited | (2,332) |  |  | 11.97
Non-vested at September 30, 2020 | 53,714 |  | $ | 11.78
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2019 | 67,321 |  | $ | 11.26
Granted | 47,618 |  |  | 12.46
Vested | - |  |  | -
Forfeited | - |  |  | -
Non-vested at September 30, 2019 | 114,939 |  | $ | 11.86
Expected future expenses relating to the non-vested restricted shares outstanding as of September 30, 2020 was approximately $279,000 over a weighted average period of 0.45 years. The following tables present a summary of the status of the Company’s outstanding stock option awards as of September 30, 2020 and 2019.
|  | Number of Option Shares |  |  | Range of Exercise Prices |  |  | Weighted Average Exercise Price
Outstanding at January 1, 2020 |  | 1,200,975 |  | $ | 8.93 - 13.32 |  | $ | 11.45
Options granted |  | - |  |  | - |  |  | -
Options exercised |  | (500) |  |  | 10.55 |  |  | 10.55
Options forfeited |  | (8,127) |  |  | 11.26-12.46 |  |  | 11.68
Options expired |  | - |  |  | - |  |  | -
Outstanding at September 30, 2020 |  | 1,192,348 |  | $ | 8.93 - 13.32 |  | $ | 11.45
As of September 30, 2020, stock options which were granted and were exercisable totaled 660,736 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 531,612 shares of unvested options outstanding as of September, 2020 was $1.0 million over a weighted average period of 4.80 years.
|  | Number of Option Shares |  |  | Range of Exercise Prices |  |  | Weighted Average Exercise Price
Outstanding at January 1, 2019 |  | 1,104,600 |  | $ | 8.93-13.32 |  | $ | 11.36
Options granted |  | 98,875 |  |  | 12.46 |  |  | 12.46
Options exercised |  | - |  |  | - |  |  | -
Options forfeited |  | (1,000) |  |  | 10.55 |  |  | 10.55
Options expired |  | - |  |  | - |  |  | -
Outstanding at September 30, 2019 |  | 1,202,475 |  | $ | 8.93-13.32 |  | $ | 11.45
As of September 30, 2019, stock options which were granted and were exercisable totaled 268,633 stock options. ‎

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