Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Stock-Based Compensation [Abstract]

Stock-Based Compensation

4.           Stock-Based Compensation

During the nine-month period ended September 30, 2023, 2,500 stock options were granted. As of September 30, 2023, there was $96,000 of total unrecognized compensation cost related to non-vested options granted in 2022 and 2023 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2023. Compensation costs related to stock options amounted to $287,000 and $201,000 during the nine-month periods ended September 30, 2023 and 2022, respectively.

A summary of the Company’s stock option activity for the nine-month period ended September 30, 2023 is as follows:

		Weighted
		Average Exercise		Weighted Average		Aggregate
		Price		Remaining		Intrinsic Value
	Options	Per Share		Contractual Term		($000)
Outstanding at January 1, 2023	218,975	$	28.70	6.8	Yrs.	$	1,100
Granted	2,500		29.60	9.5
Exercised	(16,125)		22.76	5.1
Forfeited	(4,500)		33.53	9.2
Outstanding at September 30, 2023	200,850	$	29.07	6.1	Yrs.	$	193
Exercisable at September 30, 2023	164,850	$	28.16	5.5	Yrs.	$	193

Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option. The market price was $25.76 per share as of September 30, 2023 and $33.44 per share as of December 31, 2022.

A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 2023 and 2022 is as follows:

	2023			2022
		Weighted-Average				Weighted-Average
	Number of	Grant Date		Number of	Grant Date
	Restricted Stock	Fair Value		Restricted Stock	Fair Value
Non-vested, January 1,	44,460	$	30.12	32,030	$	26.76
Granted	—		—	7,500		25.71
Vested	(3,000)		25.71	—		—
Forfeited	—		—	—		—
Non-vested, September 30,	41,460	$	30.44	39,530	$	28.99

The expected future compensation expense relating to the 41,460 shares of non-vested restricted stock outstanding as of September 30, 2023 is $968,000. This cost will be recognized over the remaining vesting period of 4.25 years. Compensation costs related to restricted stock amounted to $326,000 and $272,000 during the nine-month periods ended September 30, 2023 and 2022, respectively.