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Equity Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2021
Equity Incentive Plans [Abstract] |
Summary of Status of Restricted Shares |
| 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
Summary of Stock Option Activity | 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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