Note 11 – Stock incentive plan

In accordance with accounting standards, the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award rather than disclosed in the financial statements.

The following table summarizes options outstanding under the Company's stock incentive plans at the indicated dates:


	Three Months Ended March 31,
	2020							2019
		Weighted								Weighted
		Average								Average
		Exercise		Fair Value		Intrinsic				Exercise		Fair Value		Intrinsic
	Options	Price		Per Share		Value		Options		Price		Per Share		Value

Options outstanding, beginning of period	734	$	25.63	$	9.76				734	$	25.63	$	9.76
Granted	—		—		—				—		—		—
Forfeited	—		—		—				—		—		—
Exercised	—		—		—				—		—		—
Options outstanding, end of period	734	$	25.63	$	9.76	$	—		734	$	25.63	$	9.76	$	—
Options exercisable, end of period	734								734

During the first quarter of 2020, we granted certain officers 750 time-based restricted shares of common stock with a weighted average fair market value of $42.99 per share on the date of grant. These restricted stock awards vest ratably over a three-year period provided the officer is employed with the Company on the applicable vesting date.

The total number of shares underlying non-vested restricted stock was 13,060 and 17,646 at March 31, 2020 and 2019, respectively. The fair value of the stock is based on the grant date of the award and the expense is recognized over the vesting period. Unamortized stock-based compensation related to non-vested share-based compensation arrangements granted under the stock incentive plan as of March 31, 2020 and 2019 was $346,946 and $354,185, respectively. As of March 31, 2020, the time based unrecognized compensation expense of $237,471 is expected to be recognized over a weighted average period of 2.32 years. There were no forfeitures for the period ended March 31, 2020. For the period ended March 31, 2019 there were forfeitures of 2,763 shares of restricted stock awards.

A summary of changes in the Company’s non-vested restricted stock awards for the three months ended March 31, 2020 follows:


		Weighted-
		Average		Aggregate
		Grant-Date		Intrinsic
	Shares	Fair-Value		Value
December 31, 2019	12,310	$	33.83	$	311,197
Granted	750		42.99		18,960
Vested	—		—		—
Forefited	—		—		—
Other	—		—		—

March 31, 2020	13,060	$	34.36	$	330,157

Stock-based compensation expense was approximately $54,000 and $46,000 for the three months ended March 31, 2020 and 2019, respectively.