7 - SHARE BASED COMPENSATION

Our 2018 Stock Incentive Plan (the “Plan”) authorizes the issuance of up to 1,000,000 shares pursuant to options or awards granted under the Plan. Under the Plan, incentive stock and nonstatutory options were granted at prices equal to at least the fair market value of our Class A common stock at the date of grant. Outstanding options vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in the Plan. The fair values of options was estimated using the Black-Scholes option-pricing model at their respective grant date using the following assumptions:

	Year Ended December 31,
	2019			2018
Weighted-average grant date fair value per share	$0.40 - $0.48			$0.25 - $0.28
Risk-free interest rate		1.47	%		3.15	%
Dividend yield		4.7	%		6.0	%
Expected term (in years)		10			10
Volatility		31	%		33	%

Stock option activity during the periods indicated is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Years Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding at December 31, 2017		331,000		$	1.08		3.5	$	204,400
Grants		215,000			1.90		7.3
Exercised		(59,000	)		1.02
Forfeited		(34,000	)		1.48
Outstanding at December 31, 2018		453,000			1.35		5.0	$	182,400
Grants		52,500		$	2.78		8.0		-
Exercised		(123,000	)		1.03		-		-
Forfeited		(1,000	)		0.84		-		-
Outstanding at December 31, 2019		381,500		$	1.65		5.6	$	429,000
Exercisable at December 31, 2019		186,000		$	1.30		4.3	$	250,000

At December 31, 2019, the range of individual weighted average exercise prices was $.98 to $1.62 and the unamortized compensation expense was approximately $50,000.