STOCK COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2019

STOCK COMPENSATION PLAN

Schedule of status of the stock option plan

	2019
		Weighted
		Average
	Number of	Exercise
	Options	Price
Outstanding, beginning of year	231,000	$	18.00
Granted	—		—
Exercised	—		—
Cancelled/forfeited	—		—
Outstanding, end of year	231,000	$	18.00
Options vested and exercisable at year-end	231,000	$	18.00
Aggregate intrinsic value of options outstanding at December 31, 2019		$	6,983,130
Weighted average remaining contractual life (years)			4.38

Schedule of summary of stock options outstanding

	Options Outstanding
Range of Average	Number Outstanding at	Weighted Average		Weighted Average		Weighted average
Exercise Prices	December 31, 2019	Remaining Contractual Life		Exercise Price		intrinsic value
$10 – 20	231,000	4.38	$	18.00	$	30.23
$21 – 30	—	—	$	—	$	—
$10 – 30	231,000	4.38	$	18.00	$	30.23

Schedule of changes in the non-vested restricted stock awards

	Year Ended December 31, 2019			Year Ended December 31, 2018
		Weighted Average			Weighted Average
	Number of Shares	Grant Date Fair Value		Number of Shares	Grant Date Fair Value
Outstanding, beginning of period	53,957	$	21.46	76,104	$	20.61
Granted	106,423		35.36	8,987		48.99
Forfeited	(1,561)		32.71	—		—
Vested	(53,981)		32.22	(31,134)		27.33
Outstanding at end of period	104,838	$	29.86	53,957	$	21.46

Summary of changes in the non-vested Performance Restricted Share Units awards

The following table summarizes the changes in the Company’s non-vested PRSU awards for year ended December 31, 2019 (dollars in thousands, except share information):

	For the year ended
	December 31, 2019
Weighted average service inception date fair value of award shares	$	4,064,295
Minimum aggregate share payout		12,000
Maximum aggregate share payout		90,000
Likely aggregate share payout		90,000
Compensation expense recognized	$	1,430,011