Note 4. Equity

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Equity

2014 Equity Incentive Plan

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel. On June 10, 2016, the shareholders of the Company approved an additional 200,000 awards to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 400,000. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2014 Plan is effective through March 31, 2024. As of September 30, 2019, there are 23,500 shares which remain to be granted under the 2014 Plan.

The following table summarizes information about stock options outstanding and exercisable at September 30, 2019:

	Options Outstanding						Options Exercisable
Exercise Price Range		Number		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number
$	0.01 - 7.00		10,000		6.14	$	6.80		10,000
$	7.01 - 8.00		20,313		3.99	$	7.76		20,313
$	8.01 - 12.00		8,250		7.43	$	9.98		4,250
$	12.01 - 15.00		57,000		8.62	$	13.09		32,000
$	15.01 - 17.40		32,000		8.67	$	17.40		32,000
	Total		127,563		7.62	$	12.63		98,563

As of September 30, 2019, the Company had unrecognized stock compensation related to the options of $115,000, which will be recognized through 2021.

The Company did not grant any restricted stock units, nor did any restricted stock units vest during the three months ended September 30, 2019. During the nine months ended September 30, 2019, the Company granted 46,000 restricted stock units with an intrinsic value of $11.57, to certain employees and board members of the Company. The vesting period for the restricted stock units varies between one and three years. During the nine months ended September 30, 2019, 33,000 restricted stock units with an intrinsic value of $8.62 vested. As of September 30, 2019, there was $370,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2021.

Share Repurchase Plan

On August 7, 2019, the Company publicly announced a share repurchase program under which the Company is authorized to repurchase up to $1,000,000 of its common shares. As of September 30, 2019, the Company repurchased a total of 24,980 shares at an aggregate cost of $236,000 as shown in the table below ($ in 000’s, except share or per share amounts):

Shares Repurchased
Period		Total Number of Shares Repurchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
	August 7 -31, 2019		22,150	$	9.34		22,150	$	792
	September 1-30, 2019		2,830	$	10.00		2,830	$	764
	Total		24,980	$	9.41		24,980	$	764