On December 28, 2021, the Company’s stockholders approved the 2021 Incentive Plan (the “Plan”), including the authority to issue 1,000,000 shares of common stock. This Plan is the only long-term plan under which equity compensation may be awarded to employees, advisors and members of the Board aligning their interest with those of stockholders. A new plan was implemented rather than amending the Company’s prior plan, the Amended and Restated 2011 Incentive Plan, to address certain tax law changes. At December 31, 2021, 946,511 shares remained available for future issuance under the Plan.

Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the shares. Option awards are generally granted with an exercise price either at or 10% above the market price of the Company's common stock at the date of grant; those option awards generally have 5-year contractual terms and generally vest over three years. Total stock-based compensation expense for the years ended December 31, 2021 and 2020 was $413,000 and $790,000, respectively.

A summary of the Company’s restricted stock awards for the year ended December 31, 2021 follows:

	Number of Shares			Weighted Average Grant Date Fair Value		Aggregate Grant Date Fair value (in thousands)
Balance at December 31, 2020		55,762		$	9.42	$	525
Granted		53,489			11.84	$	633
Vested		(26,718	)		11.76		(314	)
Forfeited		(26,250	)		9.01		(237	)
Balance at December 31, 2021		56,283		$	10.80	$	608

As of December 31, 2021, there was $435,000 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted-average period of one year. Total fair value of shares vested during the years ended December 31, 2021 and 2020 was $314,000 and $640,000, respectively.

During the year ended December 31, 2021, the Company issued 53,489 restricted stock awards with a grant date fair value of $11.84 per share. Certain of these shares vested immediately (23,489); the remaining 30,000 will vest during the next 1.25 years.

The following table summarizes information about stock options outstanding and exercisable at December 31, 2021:

	Number of Shares Outstanding			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)		Aggregate Intrinsic Value (in thousands)
Option Balances at December 31, 2020		58,050		$	8.56	$	2.37		2.5	$	236
Options Granted		-			-		-		-		-
Options Exercised		(33,050	)		5.41		1.12		-		-
Options Forfeited		-			-		-		-		-
Option Balances at December 31, 2021		25,000		$	12.72	$	4.02		2.8	-
Options Exercisable at December 31, 2021		15,000		$	12.72	$	4.02		2.8	-

There were no options granted during 2021 or 2020. As of December 31, 2021, there was approximately $28,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements for stock options, which will be recognized over the weighted average remaining term of approximately one year.