Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table presents the variables used in the Black-Scholes Model calculations of the fair value of the stock options for the periods presented.

	For the Year Ended December 31,
	2019	2018
Risk free interest rate (5-year U.S. Treasury)	2.03%	2.73%
Expected dividend yield	0%	0%
Expected term (years)	5	5
Expected volatility	15.7%-17.7%	12.5%-15.7%

Summary of Stock Option Activity

The following table presents stock option activity for the periods presented.

				Weighted Average		Weighted Average Remaining		Aggregate
	Shares			Exercise Price		Contractual Life (in years)		Intrinsic Value (1)
Options outstanding and exercisable, January 1, 2018		251,026		$	7.43		6.73	$	753,229
Granted		17,500			9.97
Forfeited		(6,805	)		10.37
Exercised		(25,491	)		5.84
Expired		(9,459	)		11.20
Options outstanding, December 31, 2018		226,771		$	7.56		6.43	$	223,478
Granted		49,500			8.11
Forfeited		(32,276	)		9.15
Exercised		(15,578	)		5.83
Expired		(5,761	)		7.61
Options outstanding, December 31, 2019		222,656		$	7.58		6.41	$	342,650
Options exercisable, December 31, 2019		214,329		$	7.49

(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 as of the respective years ended. This amount changes based on changes in the market value of the Company’s common stock.

Summary of Restricted Stock Activity

The following table presents restricted stock activity for the periods presented.

				Weighted Average
	Shares			Fair Value
Restricted stock nonvested, January 1, 2018		10,500		$	8.44
Granted		60,856			9.75
Vested		(3,000	)		9.15
Forfeited		(12,298	)		8.93
Restricted stock nonvested, December 31, 2018		56,058		$	9.73
Granted		75,493			8.17
Vested		(12,430	)		9.61
Forfeited		(13,915	)		8.31
Restricted stock nonvested, December 31, 2019		105,206		$	8.81