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Equity | 9 Months Ended
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Sep. 30, 2023
Equity |
Equity | Note 4: Equity Dividends The Company did not pay any dividends during the three and nine-month periods ended September 30, 2023 and 2022. Preferred stock and common stock There were no issuances of preferred stock or common stock during the three and nine-month periods ended September 30, 2023 and 2022, other than stock awarded to employees and the Board of Directors. Stock repurchase and retirement On March 1, 2022, the Company’s board of directors authorized a stock repurchase program under which the Company was authorized to repurchase up to $5,000,000 of its common shares. As of August 31, 2022, the Company completed the repurchase program by purchasing a total of 207,964 shares as shown in the table below ($ 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 |
March 1-31, 2022 |  |  | 6,200 |  |  | $ | 29.35 |  |  |  | 6,200 |  |  | $ | 4,818 |
April 1-30, 2022 |  |  | 8,226 |  |  |  | 27.76 |  |  |  | 8,226 |  |  |  | 4,590 |
May 1-31, 2022 |  |  | 80,748 |  |  |  | 22.92 |  |  |  | 80,748 |  |  |  | 2,739 |
June 1-30, 2022 |  |  | 74,227 |  |  |  | 23.98 |  |  |  | 74,227 |  |  |  | 959 |
July 1-31, 2022 |  |  | 32,392 |  |  |  | 24.88 |  |  |  | 32,392 |  |  |  | 153 |
August 1-31, 2022 |  |  | 6,171 |  |  |  | 24.79 |  |  |  | 6,171 |  |  |  | — |
No shares repurchased between September 2022 and September 2023
Total |  |  | 207,964 |  |  | $ | 24.04 |  |  |  | 207,964 |  |  | $ | — |
2014 Equity Incentive Plan On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan, as amended (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 September 30, 2023, there were 45,995 shares which remained to be granted under the 2014 Plan. These shares were assumed by the 2023 Plan described below. On June 7, 2023, the shareholders of the Company approved the 2023 Equity Incentive Plan (the “2023 Plan”). Under the terms of the 2023 Plan, the Company is authorized to issue incentive awards for common stock up to 300,000 shares to employees and other personnel. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2023 Plan is effective through April 1, 2033. As of September 30, 2023, there are 331,663 shares which remain to be granted under the 2023 Plan, including 45,995 shares assumed under the 2014 Plan described above. The following table summarizes information about stock options outstanding and exercisable at September 30, 2023:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
| Exercise Price Range |  |  | Number |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Weighted Average Exercise Price |  |  | Number |
| $ | 0.01 - 8.00 |  |  |  | 5,000 |  |  |  | 2.14 |  |  | $ | 6.80 |  |  |  | 5,000 |
| $ | 8.01 - 11.00 |  |  |  | 3,000 |  |  |  | 4.25 |  |  | $ | 10.25 |  |  |  | 3,000 |
| $ | 11.01 - 16.00 |  |  |  | 18,000 |  |  |  | 4.78 |  |  | $ | 13.12 |  |  |  | 18,000 |
| $ | 16.01 - 27.00 |  |  |  | 68,000 |  |  |  | 8.31 |  |  | $ | 25.42 |  |  |  | 15,500 |
| $ | 27.01 - 27.71 |  |  |  | 12,750 |  |  |  | 8.30 |  |  | $ | 27.71 |  |  |  | — |
|  | Total |  |  |  | 106,750 |  |  |  | 7.31 |  |  | $ | 22.32 |  |  |  | 41,500 |
As of September 30, 2023, the Company had unrecognized stock compensation related to the options of $619,000, which will be recognized through 2027. During the nine-months ended September 30, 2023, the Company granted 74,832 shares of restricted stock units to employees and the Board of Directors, which vest at various intervals over the next 3 years. No restricted stock units were granted during the three months ended September 30, 2023. The average grant date fair value of these grants was $26.08 per share during the nine-month period ended September 30, 2023. During the nine months ended September 30, 2022, the Company granted 32,240 restricted stock units, with an average grant date fair value of $26.35 per share. No restricted stock units were granted during the three months ended September 30, 2022. During the nine-month period ended September 30, 2023, 18,129 restricted stock units with an average intrinsic value of $25.85 per share, vested. No restricted stock units vested during the three-month period ended September 30, 2023. As of September 30, 2023, there was $1,821,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2026.

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