Equity

9 Months Ended

Sep. 30, 2021

Equity

Note 3. Equity

Note 3: 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 and June 17, 2020, the shareholders of the Company approved an additional 200,000 and 200,000 awards, respectively, to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 600,000. 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, 2021, there are 223,818 shares which remain eligible to be granted under the 2014 Plan.

The following table summarizes information about stock options outstanding and exercisable at September 30, 2021:

		Options Outstanding						Options Exercisable
	Exercise Price Range	Number		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number
$	0.01 - 7.00		5,000		4.14	$	6.80		5,000
$	7.01 - 8.00		10,000		1.99	$	7.76		10,000
$	8.01 - 12.00		3,667		5.70	$	10.07		3,667
$	12.01 - 15.00		23,000		6.92	$	13.14		23,000
$	15.01 - 17.40		8,000		6.67	$	17.40		8,000
	Total		49,667		5.52	$	11.88		49,667

As of September 30, 2021, the Company did not have any unrecognized stock compensation related to the options.

During the nine months ended September 30, 2021, the Company granted 17,765 restricted stock units with an intrinsic value of $25.92 per share. No restricted stock units were granted during the three months ended September 30, 2021. Non-employee directors were granted 12,765 restricted stock units, which vest on the earlier of the 2022 annual meeting of the shareholders or one year. The other 5,000 restricted stock units were granted to an employee and vest 50% during each of the first and second anniversary dates of the date of grant, which was May 17, 2021. No restricted stock units vested during the three months ended September 30, 2021. During the nine months ended September 30, 2021, 19,000 restricted stock units with an intrinsic value of $10.78 vested. As of September 30, 2021, there was $334,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2023.

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 $2,000,000 of its common shares. As of March 31, 2021, the Company completed the repurchase program by purchasing 179,845 shares as shown in the table below ($ 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	$	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
April 1-30, 2020		22,698	$	9.02		22,698	$	823
May 1-31, 2020		39,500	$	9.51		39,500	$	448
No shares repurchased between June 2020 and February 2021
March 1-31, 2021		19,777	$	22.89		19,777	$	—
Total		179,845	$	11.15		179,845	$	—