During the three-month period ended March 31, 2024, no stock options were granted. As of March 31, 2024, there was $257,000 of total unrecognized compensation cost related to non-vested options granted in 2023 and 2024 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2023. Compensation costs related to stock options amounted to $89,000 and $96,000 during the three-month periods ended March 31, 2024 and 2023, respectively.

A summary of the Company’s stock option activity for the three-month period ended March 31, 2024 is as follows:



		Weighted
		Average Exercise		Weighted Average		Aggregate
		Price		Remaining		Intrinsic Value
	Options	Per Share		Contractual Term		($000)
Outstanding at January 1, 2023	215,725	$	29.81	6.9	Yrs.	$	759
Granted	—		-	-
Exercised	—		-	-
Forfeited	(1,500)		36.02	5.7
Outstanding at March 31, 2024	214,225	$	29.77	6.6	Yrs.	$	188
Exercisable at March 31, 2024	175,725	$	29.79	5.8	Yrs.	$	188

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 $27.21 per share as of March 31, 2024 and $32.91 per share as of December 31, 2023.

A summary of the Company’s restricted stock activity for the three-month periods ended March 31, 2024 and 2023 is as follows:



	2024			2023
		Weighted-Average				Weighted-Average
	Number of	Grant Date		Number of	Grant Date
	Restricted Stock	Fair Value		Restricted Stock	Fair Value
Non-vested, January 1,	45,966	$	29.90	44,460	$	30.12
Granted	—		—	—		—
Vested	—		—	—		—
Forfeited	—		—	—		—
Non-vested, March 31,	45,966	$	29.90	44,460	$	30.12

The expected future compensation expense relating to the 45,966 shares of non-vested restricted stock outstanding as of March 31, 2024 is $1,253,000. This cost will be recognized over the remaining vesting period of 4.75 years. Compensation costs related to restricted stock amounted to $104,000 and $114,000 during the three-month periods ended March 31, 2024 and 2023, respectively.