XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

Note 8. Stock Options and Restricted Stock Units | 12 Months Ended
--- | ---
Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock Options and Restricted Stock Units | 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 December 31, 2020, there are 236,583 shares which remain to be granted under the 2014 Plan. The following is a summary of stock options issued during the year ended December 31, 2020 and 2019:
|  | Number of Options Outstanding |  | Range of Exercise Price |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Balance on December 31, 2018 |  |  | 98,563 |  |  | $ | 6.80 - 17.40 |  |  | $ | 12.56 |  |  | $ | 127,306 |
Options granted |  |  | 31,500 |  |  |  | 10.75 - 13.21 |  |  |  | 12.90 |  |  |  | — |
Options exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options forfeited/cancelled |  |  | (2,500 | ) |  |  | 13.21 |  |  |  | 13.21 |  |  |  | — |
Balance on December 31, 2019 |  |  | 127,563 |  |  | $ | 6.80 - 17.40 |  |  | $ | 12.63 |  |  | $ | 142,818 |
Options granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options exercised |  |  | (36,250 | ) |  |  | 7.76 - 17.40 |  |  |  | 12.47 |  |  |  | 295,921 |
Options forfeited/cancelled |  |  | (16,083 | ) |  |  | 9.26 -17.40 |  |  |  | 15.17 |  |  |  | 22,682 |
Balance on December 31, 2020 |  |  | 75,230 |  |  | $ | 6.80 - 17.40 |  |  | $ | 12.16 |  |  | $ | 402,275 |
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of our common stock on December 31, 2020 and 2019 of $17.51 and $11.69, respectively, and the exercise price for in-the-money options) that would have been received by the holders if all instruments had been exercised on December 31, 2020 and 2019. As of December 31, 2020, there was $15,000 of unrecognized compensation cost related to our unvested stock options, which will be recognized through 2021. The following is a summary of unvested stock options during the year ended December 31, 2020 and 2019:
|  | Number of Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Grant Date Fair Value
Balance on December 31, 2018 |  |  | 29,000 |  |  | $ | 12.87 |  |  | $ | 5.47 |
Options vested |  |  | — |  |  |  | — |  |  |  | — |
Options forfeited/cancelled |  |  | — |  |  |  | — |  |  |  | — |
Balance on December 31, 2019 |  |  | 29,000 |  |  | $ | 12.87 |  |  | $ | 5.47 |
Options vested |  |  | (14,500 | ) |  |  | 12.87 |  |  |  | 5.47 |
Options forfeited/cancelled |  |  | — |  |  |  | — |  |  |  | — |
Balance on December 31, 2020 |  |  | 14,500 |  |  | $ | 12.87 |  |  | $ | 5.47 |
The following table summarizes information about stock options outstanding and exercisable on December 31, 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 |  |  |  | 4.88 |  |  | $ | 6.80 |  |  |  | 10,000 |
$ | 7.01 - 8.00 |  |  |  | 10,313 |  |  |  | 2.74 |  |  | $ | 7.76 |  |  |  | 10,313 |
$ | 8.01 - 12.00 |  |  |  | 7,167 |  |  |  | 5.87 |  |  | $ | 9.88 |  |  |  | 5,167 |
$ | 12.01 - 15.00 |  |  |  | 31,750 |  |  |  | 7.80 |  |  | $ | 13.16 |  |  |  | 19,250 |
$ | 15.01 - 17.40 |  |  |  | 16,000 |  |  |  | 7.42 |  |  | $ | 17.40 |  |  |  | 16,000 |
| Total |  |  |  | 75,230 |  |  |  | 6.46 |  |  | $ | 12.16 |  |  |  | 60,730 |
Of the 75,230 stock options outstanding, 29,000 are non-qualified stock options. All options have been registered with the SEC. There were no common stock options issued during the year ended December 31, 2020. The fair value of common stock options issued during the year ended December 31, 2019 were estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used:
|  | Year ended December 31, 2019
Expected dividend yield |  |  | 1.56% |
Expected stock price volatility |  |  | 50% |
Weighted-average risk-free interest rate |  |  | 2.45% |
Weighted-average expected life of options (in years) |  |  | 5.75 |
The following is a summary of restricted stock units issued during the year ended December 31, 2020 and 2019:
|  | Number of RSUs Outstanding |  | Weighted Average Fair Value |  | Aggregate Intrinsic Value
Balance on December 31, 2018 |  |  | 36,669 |  |  | $ | 8.76 |  |  | $ | 257,987 |
Units granted |  |  | 46,000 |  |  |  | 11.57 |  |  |  | 532,220 |
Units vested/issued |  |  | (33,000 | ) |  |  | 8.62 |  |  |  | 400,700 |
Units forfeited |  |  | (1,667 | ) |  |  | 8.85 |  |  |  | 14,753 |
Balance on December 31, 2019 |  |  | 48,002 |  |  | $ | 11.55 |  |  | $ | 554,388 |
Units granted |  |  | 18,000 |  |  |  | 10.67 |  |  |  | 192,060 |
Units vested/issued |  |  | (32,002 | ) |  |  | 11.61 |  |  |  | 353,948 |
Units forfeited |  |  | (15,000 | ) |  |  | 11.35 |  |  |  | 156,665 |
Balance on December 31, 2020 |  |  | 19,000 |  |  | $ | 10.78 |  |  | $ | 332,690 |
During the year ended December 31, 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 depending on whether a director stands for re-election at the 2021 annual meeting. During the year ended December 31, 2020, 32,000 restricted stock units with an intrinsic value of $11.61 vested. As of December 31, 2020, there was $91,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2021. All restricted stock units have been registered with the SEC. During the year ended December 31, 2020 and 2019, we recorded compensation expense of $273,000 and $523,000, respectively, related to stock options and restricted stock units.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration