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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value of Options

The variables used in these calculations of the fair value of the options are as follows:

 

     For the three months ended March 31,  
     2017     2016  

Risk free interest rate (5 year Treasury)

      1.93 %      1.49 % 

Expected dividend yield

      0 %      0 % 

Expected term (years)

      5       5  

Expected volatility

      21.7 %      40.1 % 
Summary of Stock Option Activity

Stock option activity for the three months ended March 31, 2017 is summarized below:

 

                   Weighted         
                   Average         
            Weighted Average      Remaining      Aggregate  
            Exercise      Contractual      Intrinsic  
     Shares      Price      Life (in years)      Value (1)  

Options outstanding, January 1, 2017

      218,300      $ 6.35        5.9     

Granted

      8,500        8.30        

Forfeited

      (1,195 )       8.43        

Exercised

      —          —          

Expired

      —          —          
  

 

 

           

Options outstanding and exercisable, March 31, 2017

      225,605      $ 6.41        5.9      $ 737,512  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2017. This amount changes based on changes in the market value of the Company’s common stock.