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STOCK COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2022
STOCK COMPENSATION PLANS  
Schedule of company's stock incentive plan

A summary of the status of the Company’s Equity Incentive Plan at December 31, 2022, 2021, and 2020, and changes during the years then ended is presented in the table and narrative following:

YEAR ENDED DECEMBER 31, 

2022

2021

2020

    

    

WEIGHTED

    

    

WEIGHTED

    

    

WEIGHTED

AVERAGE

AVERAGE

AVERAGE

SHARES

EXERCISE PRICE

SHARES

EXERCISE PRICE

SHARES

EXERCISE PRICE

Outstanding at beginning of year

369,047

$

3.47

230,913

$

3.14

296,648

$

3.02

Granted

 

160,000

3.84

 

Exercised

 

(36,117)

2.96

(21,356)

2.68

 

(38,235)

2.06

Forfeited

 

(9,144)

3.62

(510)

3.23

 

(27,500)

3.30

Outstanding at end of year

 

323,786

3.52

369,047

3.47

 

230,913

3.14

Exercisable at end of year

 

223,784

3.38

206,713

3.18

 

224,580

3.11

Weighted average fair value of options granted in current year

 

  

$

  

$

1.78

 

  

$

Schedule of fair value assumptions of each option grant The fair value of each option grant is estimated on the date of grant using the Binomial or Black-Scholes option pricing model with the following assumptions used for grants in 2021. No stock options were granted during 2022 and 2020.

YEAR ENDED DECEMBER 31, 

PRICING MODEL ASSUMPTION RANGES

    

2021

    

Risk-free interest rate

    

1.27 - 1.42

%  

Expected lives in years

 

10

 

Expected volatility

 

40.38 - 45.03

%  

Expected dividend rate

 

2.60 - 2.61

%