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Stock Awards (Tables) | 9 Months Ended
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Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Schedule of Fair Value Assumptions | The fair value of outstanding awards was determined using the Black-Scholes option pricing model based on the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock.
|  | 2020 |  |  | 2019 |
Risk-free interest rate |  |  | 1.24 | % |  |  | 2.59 | %
Expected term (in years) |  |  | 7.5 |  |  |  | 7.5 |
Expected stock price volatility |  |  | 28.9 | % |  |  | 30.9 | %
Dividend yield |  |  | 1.25 | % |  |  | 1.25 | %
Fair value of stock option |  |  | 3.34 |  |  |  | 3.30 |
Stock Option Activity | The following table summarizes the Company’s stock option activity for the periods presented.
|  | Nine Months Ended |
|  | September 30, 2020 |  |  | September 30, 2019 |
|  | Number of Shares |  |  | Average Exercise Price |  |  | Number of Shares |  |  | Average Exercise Price |
Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period |  |  | 412,800 |  |  | $ | 9.72 |  |  |  | 377,950 |  |  | $ | 9.80 |
Granted |  |  | 10,200 |  |  |  | 11.95 |  |  |  | 68,150 |  |  |  | 9.99 |
Exercised |  |  | 666 |  |  |  | 10.75 |  |  |  | 719 |  |  |  | 8.30 |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | 1,334 |  |  |  | 9.70 |  |  |  | 26,300 |  |  |  | 11.96 |
Options outstanding, end of period |  |  | 421,000 |  |  | $ | 9.79 |  |  |  | 419,081 |  |  | $ | 9.70 |
Options exercisable, end of period |  |  | 359,413 |  |  | $ | 9.62 |  |  |  | 304,748 |  |  | $ | 9.14 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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