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Equity Incentive Plans | 3 Months Ended
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Mar. 31, 2021
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 February 10, 2021, grants of 66,000 options, in aggregate, were declared for members of the Board of Directors of the Bank and the Company which vest over a 5-year period, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 10, 2021. On February 10, 2021, awards of 26,400 shares of restricted stock, in aggregate, were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4-year period, commencing on the anniversary of the award date. On February 19, 2021, an award of 300 shares of restricted stock was declared for an officer 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 March 31, 2021 and 2020.
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2021 | 22,304 |  | $ | 12.46
Granted | 26,700 |  |  | 12.89
Vested | - |  |  | -
Forfeited | - |  |  | -
Non-vested at March 31, 2021 | 49,004 |  | $ | 12.70
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2020 | 81,278 |  | $ | 11.96
Granted | - |  |  | -
Vested | - |  |  | -
Forfeited | - |  |  | -
Non-vested at March 31, 2020 | 81,278 |  | $ | 11.96
Expected future expenses relating to the non-vested restricted shares outstanding as of March 31, 2021 was approximately $361,000 over a weighted average period of 3.28 years. The following tables present a summary of the status of the Company’s outstanding stock option awards as of March 31, 2021 and 2020.
|  | Number of Option Shares |  |  | Range of Exercise Prices |  |  | Weighted Average Exercise Price
Outstanding at January 1, 2021 |  | 1,192,348 |  | $ | 8.93 - 13.32 |  | $ | 11.45
Options granted |  | 66,000 |  |  | 12.93 |  |  | 12.93
Options exercised |  | (7,000) |  |  | 9.39 |  |  | 9.39
Options forfeited |  | - |  |  | - |  |  | -
Options expired |  | - |  |  | - |  |  | -
Outstanding at March 31, 2021 |  | 1,251,348 |  | $ | 8.93 - 13.32 |  | $ | 11.54
As of March 31, 2021, stock options which were granted and were exercisable totaled 824,536 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 426,812 shares of unvested options outstanding as of March 31, 2021 was $713,000 over a weighted average period of 4.99 years.
|  | 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 |  | - |  |  | - |  |  | -
Options expired |  | - |  |  | - |  |  | -
Outstanding at March 31, 2020 |  | 1,200,475 |  | $ | 8.93-13.32 |  | $ | 11.45
As of March 31, 2020, stock options which were granted and were exercisable totaled 515,800 stock options. ‎

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