The Company may grant stock options and restricted stock under its stock-based compensation plans to certain officers, employees and directors. These plans are administered by a committee of the Board of Directors. In August 2018, with subsequent shareholder approval, the 2018 Equity Incentive Plan was approved up to 147,749 share of common stock and up to 369,374 stock options.

A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants were as follows.

	December 31
	2020			2019

Dividend yield		0.00	%		0.00	%
Expected volatility		25.40	%		20.35	%
Risk-free interest rate		0.53	%		2.41	%
Expected average Life		7.5			7.5
Weighted average per share fair value	$	2.02		$	2.97

Stock options of 144,000 with a weighted average exercise price of $7.05 were granted during 2020. Stock options of 358,287 with a weighted average exercise price of $10.10 were granted during 2019. No options were exercised and 147,749 options were forfeited during 2020. No options were exercised or forfeited during 2019. There were a total of 354,538 stock options outstanding as of December 31, 2020 with a weighted average exercise price of $8.86. There were a total of 358,287 stock options outstanding as of December 31, 2019 with a weighted average exercise price of $10.10. The weighted average remaining life of outstanding stock options at December 31, 2020, was 8.6 years and they had an aggregate intrinsic value of $203,000. The weighted average remaining life of outstanding stock options at December 31, 2019 was 9.3 years and they had no aggregate intrinsic value. There were 42,108 options exercisable as of December 31, 2020 with a weighted average exercise price of $10.10. The weighted average remaining life of exercisable stock options at December 31, 2020, was 8.2 years and they had no aggregate intrinsic value.

Restricted stock of 71,308 shares with a weighted average grant date fair value of $7.05 were granted during 2020. Restricted stock of 132,974 shares with a weighted average grant date fair value of $10.10 were granted during 2019. Shares totaling 56,533 of restricted stock were forfeited during 2020. There were no forfeitures of restricted stock during 2019. Shares totaling 15,289 shares of restricted stock have vested as of December 31, 2020, including 1,826 shares that were withheld for tax withholding purposes. No shares vested during 2019. There were 132,460 restricted shares outstanding with a weighted average grant date fair value of $8.63 at December 31, 2020.

The Company recognized approximately $298,000 and $278,000 of stock-based compensation expense (included in salary and employee benefits on the consolidated statements of income) during 2020 and 2019, respectively, associated with its common stock awards granted to directors and officers. Options and restricted stock totaling 147,749 and 56,533 shares, respectively were forfeited during 2020 resulting in a reversal of previously recognized stock compensation expense of approximately $152,000 as none of the forfeited options or restricted stock had vested at the time of forfeiture. As of December 31, 2020, there was approximately $1.6 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the remaining vesting period of approximately 4.0 years.