Stock Option Plans (Tables)

12 Months Ended

Dec. 31, 2022

A summary of changes in options issued under the Company’s stock option plans follows:

	2022			2021
Options outstanding at the beginning of the year		1,537,052			1,487,925
Options granted		133,250			299,750
Options forfeited		(6,562	)		(5,525	)
Options exercised		(46,068	)		(245,098	)
Options outstanding at the end of the year		1,617,672			1,537,052
Options exercisable at the end of the year		1,132,174			971,568
Common stock available for future grants at the end of the year		166,750			18,650
Weighted average exercise price per share:
Granted	$	29.35		$	38.38
Forfeited		31.50			23.01
Exercised		12.73			15.15
Outstanding		25.30			24.60
Exercisable		22.83			21.33

A summary of options outstanding as December 31, 2022 is as follows:

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
$12.27 to $20.96		320,534	3	$	17.05		297,284	$	16.86
$20.97 to $22.86		334,875	5		22.09		333,125		22.10
$22.87 to $24.03		349,950	6		23.41		236,450		23.57
$24.04 to $31.00		315,875	7		26.92		172,125		25.21
$31.01 to $39.56		296,438	9		38.97		93,190		38.28
		1,617,672					1,132,174

The assumptions used to value option grants for the years ended December 31, 2022 and 2021 were as follows: