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Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

 

 

 

2020

 

 

2019

 

Options outstanding at the beginning of the year

 

 

1,363,694

 

 

 

1,434,280

 

Options granted

 

 

280,750

 

 

 

120,000

 

Options forfeited

 

 

(9,125

)

 

 

(26,500

)

Options exercised

 

 

(147,394

)

 

 

(164,086

)

Options outstanding at the end of the year

 

 

1,487,925

 

 

 

1,363,694

 

Options exercisable at the end of the year

 

 

985,475

 

 

 

932,094

 

Common stock available for future grants at the end of the year

 

 

104,372

 

 

 

44,875

 

Weighted average exercise price per share:

 

 

 

 

 

 

 

 

Granted

 

$

23.05

 

 

$

19.88

 

Forfeited

 

 

21.72

 

 

 

23.29

 

Exercised

 

 

14.51

 

 

 

10.54

 

Outstanding

 

 

20.26

 

 

 

19.08

 

Exercisable

 

 

18.99

 

 

 

17.50

 

 

Summary of Options Outstanding

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Number

Outstanding

 

 

Weighted-

Average

Remaining

Contractual

Life (Years)

 

Weighted-

Average

Exercise

Price

 

 

Number

Exercisable

 

 

Weighted-

Average

Exercise

Price

 

$9.26 to $16.08

 

 

290,200

 

 

2

 

$

12.39

 

 

 

290,200

 

 

$

12.39

 

$16.09 to $21.35

 

 

282,000

 

 

6

 

 

18.41

 

 

 

204,500

 

 

 

17.95

 

$21.36 to $22.86

 

 

350,375

 

 

7

 

 

22.14

 

 

 

261,375

 

 

 

21.97

 

$22.87 to $23.97

 

 

255,450

 

 

9

 

 

23.17

 

 

 

11,350

 

 

 

23.94

 

$23.98 to $28.20

 

 

309,900

 

 

7

 

 

24.80

 

 

 

218,050

 

 

 

24.94

 

 

 

 

1,487,925

 

 

 

 

 

 

 

 

 

985,475

 

 

 

 

 

 

Assumptions Used to Value Option Grants

 

 

 

2020

 

2019

Expected life in years

 

6

 

5 - 6

Interest rate

 

.30 - 1.63%

 

1.52 - 2.39%

Volatility

 

.358 - .384

 

.358 - .375

Dividend yield

 

2.0 - 2.2%

 

2.0 - 2.2%