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Stock Awards (Tables) | 3 Months Ended
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Mar. 31, 2021
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. The Company did not grant any stock option awards during the three months ended March 31, 2021.
|  | 2020 |
Risk-free interest rate |  |  | 1.24 | %
Expected term (in years) |  |  | 7.5 |
Expected stock price volatility |  |  | 28.9 | %
Dividend yield |  |  | 1.25 | %
Fair value of stock option |  |  | 3.34 |
Stock Option Activity | The following table summarizes the Company’s stock option activity for the periods presented.
|  | Three Months Ended |
|  | March 31, 2021 |  |  | March 31, 2020 |
|  | Number of Shares |  |  | Average Exercise Price |  |  | Number of Shares |  |  | Average Exercise Price |
Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period |  |  | 421,000 |  |  | $ | 9.79 |  |  |  | 412,800 |  |  | $ | 9.72 |
Granted |  |  | — |  |  |  | — |  |  |  | 10,200 |  |  |  | 11.95 |
Exercised |  |  | — |  |  |  | — |  |  |  | 666 |  |  |  | 10.75 |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | 334 |  |  |  | 10.75 |
Options outstanding, end of period |  |  | 421,000 |  |  | $ | 9.79 |  |  |  | 422,000 |  |  | $ | 9.77 |
Options exercisable, end of period |  |  | 396,095 |  |  | $ | 9.74 |  |  |  | 352,517 |  |  | $ | 9.58 |

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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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