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STOCK BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Changes in stock options outstanding | A summary of changes in stock options outstanding during the year ended December 31, 2021, is as follows:
| 2021
| Number of Options (in thousands) |  | Weighted average exercise price |  | Weighted average remaining contractual life (in years) |  | Aggregate intrinsic value (in thousands)
Outstanding at beginning of year | 306 |  |  | $ | 16.07 |  |  |  |  |
Granted | 10 |  |  | 25.66 |  |  |  |  |
Exercised | (58) |  |  | 14.51 |  |  |  |  |
Expired | (14) |  |  | 11.40 |  |  |  |  |
Forfeit | — |  |  | — |  |  |  |  |
Outstanding at end of year | 244 |  |  | $ | 17.10 |  |  | 5.01 |  | $ | 5,174 |
Options exercisable at year end | 236 |  |  | $ | 16.86 |  |  | 4.86 |  | $ | 5,054 |
Assumptions used to calculate compensation expense and fair value of stock options granted | The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted each year:
| 2021 |  | 2020 |
Dividend yield: | 2.4 | % | 3.0 | %
Risk-free interest rate: | 0.7 | % | 0.3 | %
Expected market price volatility: | 56.7 | % | 52.5 | %
Average expected life of stock options: | 4.5 years |  | 4.5 years |
Share-based compensation expense | The Company recorded the following amounts related to the expense of the fair values of options during the years ended December 31, 2021 and 2020 (in thousands):
| 2021 |  | 2020
Selling, general and administrative expenses and income from operations before income taxes | $ | 50 |  |  | $ | 124 |
Benefit for income taxes | (12) |  |  | (9) |
Effect on net income | $ | 38 |  |  | $ | 115 |
Unrecognized compensation cost | As of December 31, 2021, the Company had less than $0.1 million of total unrecognized compensation expense related to stock options currently outstanding, to be recognized in future years, ending December 31, as follows (in thousands):
| Total gross unrecognized compensation expense |  | Total tax benefit associated with unrecognized compensation expense |  | Total net unrecognized compensation expense
2022 | $ | 26 |  |  | $ | 6 |  |  | $ | 20 |
2023 | 10 |  |  | 2 |  |  | 8 |
| $ | 36 |  |  | $ | 8 |  |  | $ | 28 |

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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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