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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Shareholders' Equity [Abstract]

Summary of the status of the 2011 share incentive plan

		Years ended December 31,
		2 0 1 8								2 0 1 7								2 0 1 6
		Number				Weighted average exercise price				Number				Weighted average exercise price				Number				Weighted average exercise price
Options outstanding at beginning of year			813,100			$	1.490				875,500			$	1.600				710,300			$	2.510
Changes during year:
Granted (a)			118,000			$	0.003				90,000			$	0.650				344,000			$	0.003
Exercised			(131,800	)		$	0.003				(46,000	)		$	1.150				(59,000	)		$	1.450
Forfeited			(74,100	)		$	0.500				(78,400	)		$	1.410				(117,800	)		$	2.490
Expired			(51,000	)		$	2.950				(28,000	)		$	2.950				(2,000	)		$	2.160
Options outstanding at end of year			674,200			$	1.46				813,100			$	1.490				875,500			$	1.600
Options exercisable at end of year			350,000			$	2.630				303,000			$	2.900				246,500			$	2.870
Vested and expected to vest at end of year			637,361			$	1.540
Weighted average grant date fair value of options granted during the year (b)						$	1.46							$	1.30							$	1.46

(a) In the year ended December 31, 2018, the options were granted with an exercise price equal to NIS 0.01.

In the year ended December 31, 2017, the options were granted with an exercise price equal to the average closing price per share of the Company’s ordinary shares on the stock market during the 30-day trading period immediately preceding the date of grant of such option, or with an exercise price equal to par value of NIS 0.01.

In the year ended December 31, 2016, the options were granted with an exercise price equal to par value of NIS 0.01.

(b) The fair value of each stock option granted is computed on the date of grant according to the Black-Scholes option-pricing model with the following assumptions:

Summary of fair value of each stock option granted is computed on the date of grant according to the Black-Scholes option-pricing model

		Years ended December 31,
		2 0 1 8				2 0 1 7				2 0 1 6
Dividend yield			11	%			11	%			11	%
Expected volatility*			28	%			35	%			35	%
Average risk-free interest rate			2.6	%			1.9	%			2.0	%
Expected average term - in years			3.88				3.88				3.88

* Volatility is based on historical volatility of the Company’s share price for periods matching the expected term of the option until exercise.

Summary of information about options outstanding and exercisable

				Options Outstanding												Options Exercisable
Range of exercise prices				Number outstanding at December 31,  2 0 1 8				Weighted average remaining contractual  life				Weighted average exercise  price				Number exercisable at December 31, 2 0 1 8				Weighted average remaining contractual life				Weighted average exercise price
								Years												Years
	$ 0.003				334,200				3.46			$	0.003				37,000				2.84			$	0.003
	$ 2.425 – 2.947				340,000				0.92			$	2.90				313,000				0.86			$	2.94

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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