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Note 4. Equity
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Equity

2014 Equity Incentive Plan

 

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel. On June 10, 2016 and June 17, 2020, the shareholders of the Company approved an additional 200,000 and 200,000 awards, respectively, to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 600,000. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2014 Plan is effective through March 31, 2024. As of June 30, 2020, there are 220,583 shares which remain to be granted under the 2014 Plan.

 

The following table summarizes information about stock options outstanding and exercisable at June 30, 2020:

 

   Options Outstanding  Options Exercisable
Exercise Price Range  Number 

Weighted Average

Remaining Contractual

Life (in Years)

 

Weighted Average

Exercise Price

  Number
$ 0.01 - 7.00    10,000    5.39   $6.80    10,000 
$ 7.01 - 8.00    20,313    3.24   $7.76    20,313 
$ 8.01 - 12.00    8,167    6.70   $9.99    4,167 
$ 12.01 - 15.00    57,000    7.87   $13.09    44,500 
$ 15.01 - 17.40    32,000    7.92   $17.40    32,000 
 Total    127,480    6.87   $12.63    110,980 

 

As of June 30, 2020, the Company had unrecognized stock compensation related to the options of $55,000, which will be recognized through 2021.

 

During the three and six months ended June 30, 2020, the Company granted 18,000 restricted stock units with an intrinsic value of $10.67, to certain members of the Board of Directors of the Company. The vesting period for the restricted stock units is the earlier of the 2021 annual meeting of shareholders or one year. During the three and six months ended June 30, 2020, 24,000 and 32,000 restricted stock units with an intrinsic value of $11.27 and $11.61 vested. As of June 30, 2020, there was $194,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2021.

 

Stock repurchase and retirement

 

On August 7, 2019, the Company publicly announced a share repurchase program under which the Company is authorized to repurchase up to $1,000,000 of its common shares. On March 16, 2020, the Company publicly announced that the Company increased the share repurchase program to repurchase up to $2,000,000 of its common shares. As of June 30, 2020, the Company repurchased a total of 160,068 shares at an aggregate cost of $1,552,000 (not including commissions of $7,000) as shown in the table below ($ in 000’s, except share or per share amounts):

 

   Shares Repurchased
Period  Total Number of Shares Repurchased  Average Price Paid Per Share  Total Number of Shares Purchased as Part of Publicly Announced Program  Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
 August 7 -31, 2019    22,150   $9.34    22,150   $793 
 September 1-30, 2019    2,830   $10.00    2,830   $765 
 October 1-31, 2019    39,363   $10.44    39,363   $354 
 November 1-30, 2019    11,827   $10.43    11,827   $231 
 December 1-31, 2019    —      —      —     $231 
 January 1-31, 2020    —      —      —     $231 
 February 1-29, 2020    —      —      —     $231 
 March 1-31, 2020    21,700   $9.33    21,700   $1,028 
 April 1-30, 2020    22,698   $9.02    22,698   $823 
 May 1-31, 2020    39,500   $9.51    39,500   $448 
 June 1-30, 2020    —      —      —     $448 
 Total    160,068   $9.70    160,068   $448