Equity

3 Months Ended

Mar. 31, 2022

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, as amended (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 March 31, 2022, there are 153,235 shares which remain to be granted under the 2014 Plan.

The following table summarizes information about stock options outstanding and exercisable at March 31, 2022:

		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		3.64	$	6.80		5,000
$	7.01 - 8.00		2,500		1.49	$	7.76		2,500
$	8.01 - 12.00		3,500		5.32	$	10.11		3,500
$	12.01 - 15.00		20,500		6.36	$	13.13		20,500
$	15.01 - 27.11		58,250		9.33	$	25.47		9,500
	Total		89,750		7.98	$	20.60		41,000

As of March 31, 2022, the Company had unrecognized stock compensation related to the options of $577,000, which will be recognized through 2026.

During the three months ended March 31, 2022, the Company granted 20,000 restricted stock units, which do not vest until the third anniversary of the grant date, to an employee with a grant date fair value of $26.00 per share. During the three months ended March 31, 2021, the Company did not grant any restricted stock units. As of March 31, 2022, there was $624,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2025.

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	$	—

On March 1, 2022, the Company’s board of directors authorized a stock repurchase program under which the Company may repurchase up to $5,000,000 of its common shares. The repurchase program does not have a specific expiration date, however, the board of directors may terminate it at any time. During the three-month period ended March 31, 2022, the Company repurchased 6,200 shares as shown in the table below ($ 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
March 1-31, 2022		6,200	$	29.35		6,200	$	4,818