Note 4. Equity

3 Months Ended

Mar. 31, 2020

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 March 31, 2020, there are 38,583 shares which remain to be granted under the 2014 Plan.

The following table summarizes information about stock options outstanding and exercisable at March 31, 2020:

			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		5.64	$	6.80		10,000
	$	7.01 - 8.00		20,313		3.49	$	7.76		20,313
	$	8.01 - 12.00		8,167		6.95	$	9.99		4,167
	$	12.01 - 15.00		57,000		8.12	$	13.09		44,500
	$	15.01 - 17.40		32,000		8.17	$	17.40		32,000
		Total		127,480		7.12	$	12.63		110,980

As of March 31, 2020, the Company had unrecognized stock compensation related to the options of $75,000, which will be recognized through 2021.

During the three months ended March 31, 2020, the Company did not grant any restricted stock units. During the three months ended March 31, 2020, 8,002 restricted stock units with an intrinsic value of $12.61 vested. As of March 31, 2020, there was $66,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2021.

Stock repurchase and retirement

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. On March 16, 2020, the Company publicly announced that the Company increased the share repurchase program to repurchase up to $2,000,000 of its common shares. As of March 31, 2020, the Company repurchased a total of 97,870 shares at an aggregate cost of $972,000 (not including commissions of $4,000) as shown in the table below ($ 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 same program
	August 7 -31, 2019		22,150	$	9.34		22,150	$	793
	September 1-30, 2019		2,830	$	10.00		2,830	$	765
	October 1-31, 2019		39,363	$	10.44		39,363	$	354
	November 1-30, 2019		11,827	$	10.43		11,827	$	231
	December 1-31, 2019		—		—		—	$	231
	January 1-31, 2020		—		—		—	$	231
	February 1-29, 2020		—		—		—	$	231
	March 1-31, 2020		21,700	$	9.33		21,700	$	1,028
	Total		97,870	$	9.93		97,870	$	1,028