On May 7, 2015, the stockholders of the Company approved the 2015 Incentive Stock Option Plan (“2015 ISO Plan”) and the Company reserved 400,000 shares of common stock for options to be issued under the 2015 ISO Plan. Each option becomes vested and exercisable for up to 20% of the total optioned shares one year following the grant of the option and for an additional 20% of the total optioned shares after each succeeding year until the option is fully exercisable at the end of the fifth year.

We also maintain other incentive option plans that have expired, under which previously granted awards remain outstanding. No additional grants may be awarded under these plans.


	2020			2019			2018
	Shares	Exercise Price*		Shares	Exercise Price*		Shares	Exercise Price*
Options outstanding at beginning of year	119,720	$	57.65	140,170	$	49.78	172,875	$	43.91
Granted	13,950	114.53		12,150	105.56		9,500	92.50
Exercised	(31,300)	45.94		(28,100)	38.93		(41,205)	34.89
Canceled	(1,450)	96.97		(4,500)	58.57		(1,000)	54.49
Options outstanding at end of year	100,920	68.58		119,720	57.65		140,170	49.78
Options exercisable at end of year	67,700	$	52.60	85,070	$	47.10	96,320	$	41.56
Options available for grant at end of year	314,750			327,250			336,450


Qualified Stock Options	Options Outstanding					Options Exercisable
	Shares	Remaining Contractual Life (yrs)*		Exercise Price*		Shares	Exercise Price*
Range of Exercise Price

$26.45 - $42.70	20,870		1.38	$	34.07	20,870	$	34.07
$49.44 - $74.16	40,500		3.64	$	53.47	37,700	$	53.36
$83.99 - $125.99	39,550		8.03	$	102.28	9,130	$	91.84
Total	100,920					67,700

The weighted-average grant-date fair values of options granted during 2020, 2019, and 2018 were $38.33, $39.85 and $38.77, respectively. Stock option expense was $0.5 million, $0.5 million and $0.5 million for years ending 2020, 2019, and 2018, respectively. As of December 31, 2020, there was $0.8 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a period of five years.

On May 2, 2019, the stockholders of the Company approved the 2019 Equity Incentive Plan and the Company reserved 500,000 shares of common stock for issuance of equity awards including the issuance of non-qualified options for the purchase of shares of our common stock which may be granted to Company officers and non-employee directors. Options become vested and exercisable for up to 20% of the total optioned shares one year following the grant of the option and for an additional 20% of the total optioned shares after each succeeding year until the option is fully exercisable at the end of the fifth year.

We also maintain other incentive option plans that have expired, under which previously granted awards remain outstanding. No additional grants may be awarded under these plans.


	2020			2019			2018
	Shares	Exercise Price*		Shares	Exercise Price*		Shares	Exercise Price*
Options outstanding at beginning of year	5,300	$	46.87	40,200	$	42.99	67,000	$	42.43
Granted	—	—		—	—		—	—
Exercised	(2,300)	38.22		(34,900)	42.40		(26,800)	41.61
Canceled	—	—		—	—		—	—
Options outstanding at end of year	3,000	53.51		5,300	46.87		40,200	42.99
Options exercisable at end of year	3,000	$	53.51	5,300	$	46.87	34,400	$	41.21


Non-Qualified Stock Options	Options Outstanding					Options Exercisable
	Shares	Remaining Contractual Life (yrs)*		Exercise Price*		Shares	Exercise Price*
Range of Exercise Price


$49.44 - $74.16	3,000		3.36	$	53.51	3,000	$	53.51
Total	3,000					3,000

There were no options granted in 2018, 2019 or 2020. Stock option expense was zero, $0.01 million and $0.02 million for years ending 2020, 2019, and 2018, respectively. As of December 31, 2020, there was zero unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans.

During 2020, 2019, and 2018, 2,300, 34,900, and 26,800 non-qualified options were exercised, respectively, $0.1 million, $1.5 million, and $1.1 million of cash receipts were received, respectively.


	2020			2019			2018
	Shares	Grant-Date Fair Value*		Shares	Grant-Date Fair Value*		Shares	Grant-Date Fair Value*
Awards outstanding at beginning of year	78,705	$	94.34	75,636	$	81.39	63,052	$	70.08
Granted	44,307	111.95		36,060	105.69		35,300	92.50
Exercised	(31,594)	88.90		(32,466)	69.94		(22,266)	66.91
Canceled	(375)	100.34		(525)	99.96		(450)	83.99
Awards outstanding at end of year	91,043	104.77		78,705	94.34		75,636	81.39

Restricted stock awards granted in 2018 and 2019 vest 25% after one year following the award date and for an additional 25% of total awarded shares each succeeding year until fully vested. Restricted stock awards granted in 2020 vest over a three year period. The weighted-average remaining contractual life in years for 2020, 2019, and 2018 was 1.95, 2.48 and 2.53, respectively. Compensation expense was $3.7 million, $2.8 million and $1.9 million for years ending 2020, 2019, and 2018, respectively. As of December 31, 2020, there was $6.2 million of total

unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. The cost for awards granted prior to 2020 is expected to be recognized over a period of four years. In 2020, the Board of Directors modified the vesting period for new RSA's granted to three years to be inline with grants of future performance stock units.

In 2020, the Company's Board of Directors approved a change to our long-term incentive compensation plan to implement a new performance-based equity grants in the form of a Performance Stock Unit ("PSU") award. PSU award vesting and payout amounts are tied to the Company's achievement of certain targeted financial metrics relating to a three-year performance period with the goal of more closely aligning executive compensation with long-term Company performance.