The Company’s Board of Directors approved the 2018 Equity Incentive Plan, or the 2018 Plan, which was approved by the Company’s stockholders on June 15, 2018. The terms of 2018 Plan provide for grants of a variety of different type of stock awards to the Company’s employees and non-employee directors, including options, restricted stock, restricted stock units, stock appreciation rights, etc. On April 22, 2020, the Company’s Board of Directors approved an amendment to the 2018 Plan to increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 19, 2020. A total of 2,210,968 shares of the Company’s common stock are issuable under the 2018 Plan, and 862,069 remained issuable as of December 31, 2020. Awards under the 2018 Plan are subject to certain limitations as set forth in the 2018 Plan, which will terminate when all shares of common stock authorized for delivery have been delivered and the forfeiture restrictions on all awards have lapsed, or by action of the Board of Directors pursuant to the 2018 Plan, whichever occurs first.

The Company’s Board of Directors approved the 2015 Employee Restricted Stock Plan, or the 2015 Restricted Stock Plan, on February 13, 2015, which was approved by the Company’s shareholders on June 5, 2015. The 2015 Restricted Stock Plan became effective upon the Company’s receipt of exemptive relief from the SEC on March 1, 2016. The terms of 2015 Restricted Stock Plan provided for grants of restricted stock awards to the Company’s employees. A grant of restricted stock is a grant of shares of the Company’s common stock which, at the time of issuance, is subject to certain forfeiture provisions, and thus is restricted as to transferability until such forfeiture restrictions have lapsed. A total of 700,000 shares of the Company’s common stock were issuable under the 2015 Restricted Stock Plan, and 241,919 remained issuable as of June 15, 2018. Effective June 15, 2018, the 2018 Plan was

approved, and these remaining shares were rolled into the 2018 Plan. Awards under the 2015 Restricted Stock Plan are subject to certain limitations as set forth in the 2015 Restricted Stock Plan. The 2015 Restricted Stock Plan will terminate when all shares of common stock authorized for delivery under the 2015 Restricted Stock Plan have been delivered and the forfeiture restrictions on all awards have lapsed, or by action of the Board of Directors pursuant to the 2015 Restricted Stock Plan, whichever occurs first.

The Company had a stock option plan, or the 2006 Stock Option Plan, available to grant both incentive and nonqualified stock options to employees. The 2006 Stock Option Plan, which was approved by the Board of Directors on February 15, 2006 and shareholders on June 16, 2006, provided for the issuance of a maximum of 800,000 shares of common stock of the Company. No additional shares are available for issuance under the 2006 Stock Option Plan. The 2006 Stock Option Plan was administered by the Compensation Committee of the Board of Directors. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. The term and vesting periods of the options were determined by the Compensation Committee, provided that the maximum term of an option could not exceed a period of ten years.

The Company’s Board of Directors approved the 2015 Non-Employee Director Stock Option Plan, or the 2015 Director Plan, on March 12, 2015, which was approved by the Company’s shareholders on June 5, 2015, and on which exemptive relief to implement the 2015 Director Plan was received from the SEC on February 29, 2016. A total of 300,000 shares of the Company’s common stock were issuable under the 2015 Director Plan, and 258,334 remained issuable as of June 15, 2018. Effective June 15, 2018, the 2018 Plan was approved, and these remaining shares were rolled into the 2018 Plan. Under the 2015 Director Plan, unless otherwise determined by a committee of the Board of Directors comprised of directors who are not eligible for grants under the 2015 Director Plan, the Company granted options to purchase 12,000 shares of the Company’s common stock to a non-employee director upon election to the Board of Directors, with an adjustment for directors who were elected to serve less than a full term. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. Options granted under the 2015 Director Plan are exercisable annually, as defined in the 2015 Director Plan. The term of the options could not exceed ten years.

The Company’s Board of Directors approved the First Amended and Restated 2006 Director Plan, or the Amended Director Plan, on April 16, 2009, which was approved by the Company’s shareholders on June 5, 2009, and on which exemptive relief to implement the Amended Director Plan was received from the SEC on July 17, 2012. A total of 200,000 shares of the Company’s common stock were issuable under the Amended Director Plan. No additional shares are available for issuance under the Amended Director Plan. Under the Amended Director Plan, unless otherwise determined by a committee of the Board of Directors comprised of directors who are not eligible for grants under the Amended Director Plan, the Company would grant options to purchase 9,000 shares of the Company’s common stock to an Eligible Director upon election to the Board of Directors, with an adjustment for directors who were elected to serve less than a full term. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. Options granted under the Amended Director Plan are exercisable annually, as defined in the Amended Director Plan. The term of the options could not exceed ten years.

Additional shares are only available for future issuance under the 2018 Plan. At December 31, 2020, 951,669 options on the Company’s common stock were outstanding under the Company’s plans, of which 178,307 options were exercisable. Additionally, there were 416,140 unvested shares of the Company’s common stock outstanding and 62,780 unvested restricted share units under the Company’s restricted stock plans.

The fair value of each restricted stock grant is determined on the date of grant by the closing market price of the Company’s common stock on the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted average fair value of options granted was $3.09, $3.10, and $1.06 per share for the years ended December 31, 2020, 2019, and 2018. The following assumption categories are used to determine the value of any option grants.

	Year ended December 31,
	2020			2019			2018
Risk free interest rate		1.23	%		2.29	%		2.82	%
Expected dividend yield		—			0.66			4.86
Expected life of option in years ⁽¹⁾		6.25			6.25			6.00
Expected volatility ⁽²⁾		51.03	%		49.03	%		30.00	%

The following table presents the activity for the stock option programs for the years ended December 31, 2020, 2019, and 2018.

	Number of Options			Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2017		320,626		$2.14-13.84		$	8.78
Granted		39,000		5.27-5.58			5.46
Cancelled		(214,960	)	9.22-9.24			9.22
Exercised ⁽¹⁾		—			—		—
Outstanding at December 31, 2018		144,666		2.14-13.84			7.23
Granted		449,450		5.21-7.25			6.61
Cancelled		(44,076	)	6.55-13.84			9.00
Exercised ⁽¹⁾		—			—		—
Outstanding at December 31, 2019		550,040		2.14-13.53			6.58
Granted		444,557		4.89-6.68			6.24
Cancelled		(42,928	)	2.22-13.53			6.91
Exercised ⁽¹⁾		—			—		—
Outstanding at December 31, 2020 ⁽²⁾		951,669		$2.14-12.55		$	6.41
Options exercisable at
December 31, 2018		81,889		$2.14-13.84		$	9.25
December 31, 2019		62,778		2.14-13.53			7.60
December 31, 2020⁽²⁾		178,307		2.14-12.55			6.33

The following table presents the activity for the restricted stock programs for the years ended December 31, 2020, 2019, and 2018.

	Number of Shares			Grant Price Per Share	Weighted Average Grant Price
Outstanding at December 31, 2017		408,582		$2.06-10.38	$	3.45
Granted		101,010		3.93-5.27		4.41
Cancelled		(9,737	)	3.93-9.08		4.66
Vested ⁽¹⁾		(308,940	)	2.06-10.38		3.35
Outstanding at December 31, 2018		190,915		2.14-5.27		4.06
Granted		216,148		4.80-7.25		6.59
Cancelled		(3,946	)	3.93-6.55		4.97
Vested ⁽¹⁾		(118,238	)	2.06-4.80		3.89
Outstanding at December 31, 2019		284,879		3.95-7.25		6.01
Granted		229,408		4.89-6.68		6.21
Cancelled		(8,755	)	3.95-7.25		6.93
Vested ⁽¹⁾		(89,392	)	3.95-6.55		5.37
Outstanding at December 31, 2020 ⁽²⁾		416,140		$4.39-7.25	$	6.24

During the twelve months ended December 31, 2020, the Company granted 47,156 restricted stock units that vest on June 19, 2021 with a grant price of $3.16. Unitholders have the option of deferring settlement until a future date if the recipient makes a formal election under the guidelines of IRC Section 409A, which was done for 16,524 units. The remaining 10,416 units vested and settled.

The following table presents the activity for the unvested options outstanding under the plans for the year ended December 31, 2020.

	Number of Options			Exercise Price Per Share	Weighted Average Exercise Price
Outstanding at December 31, 2019		487,262		$2.14-7.25	$	6.45
Granted		444,557		4.89-6.68		6.24
Cancelled		(20,630	)	6.55-7.25		6.76
Vested		(137,827	)	2.14-6.55		6.05
Outstanding at December 31, 2020		773,362		$4.89-7.25	$	6.42

The intrinsic value of the options vested was $45,000, $43,000, and $32,000 in 2020, 2019, and 2018.