Equity Plan (Tables)

9 Months Ended

Sep. 30, 2020

Equity Plan

Schedule of stock option activity under the equity plans

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
Total Stock Options	of Shares	Price		Life (Years)	Value
Outstanding at January 1, 2020	2,712,846	$	8.80
Granted	329,500	$	9.11
Exercised	(378,714)	$	4.51
Forfeited or expired	(101,661)	$	13.11
Outstanding at September 30, 2020	2,561,971	$	9.31	5.70	$	1,469,856
Vested or expected to vest	2,408,253			5.70	$	1,381,664
Exercisable at September 30, 2020	1,955,429			4.73	$	1,469,856

Schedule of information related to the equity Plan

	Nine Months Ended
	September 30,
	2020		2019
Intrinsic value of options exercised	$	2,242,512	$	444,251
Cash received from option exercise	$	1,707,587	$	723,397
Tax benefit realized from option exercises	$	58,575	$	44,244
Weighted average fair value of options granted	$	1.15	$	1.91

Schedule of assumptions used to estimate the fair value of each option grant on the date of grant

	Nine Months Ended
	September 30,
	2020		2019
Expected life in months(1)	72		72
Volatility(1)	29	%	24	%
Weighted average risk-free interest rate(2)	0.53	%	2.23	%
Expected dividends(3)	5.71	%	3.95	%

(1) The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding based on historical experience. Volatility is based on the historical volatility of the stock price over the same period of the expected life of the option.

(2) Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option granted.

(3) Each grant’s dividend yield is calculated by annualizing the most recent quarterly cash dividend and dividing that amount by the market price of the Company’s common stock as of the grant date.

Schedule of restricted stock activity under the equity plans

		Weighted
		Average Grant
	Number	Date Fair
Total Restricted Stock Award	of Shares	Value
Nonvested shares at January 1, 2020	239,453	$	11.23
Granted	168,117	$	9.20
Vested	(108,870)	$	13.19
Forfeited or expired	—	$	—
Nonvested shares at September 30, 2020	298,700	$	10.83