Stock Option Plans (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value of Each Option Granted is Estimated on the Date of Grant

The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2018 and 2017:

	2018	2017
Expected volatility	40.0%	40.0%
Expected term (years)	6.25	6.25
Risk free rate	2.54%	1.97%  -2.02%

Summary of Grants Shares Issued and Fair Market Value

A summary of these grants for the years ended December 31, 2018 and 2017 is shown in the following table:

	For the Year Ended
	2018		2017
Month	Shares Issued	Fair Value	Shares Issued	Fair Value
March	4,670	8.35	4,875	8.00
May	—	—	391	8.20
June	3,552	9.85	4,807	8.10
July	616	9.85	—	—
September	4,741	9.05	4,612	8.45
December	5,192	8.27	4,690	8.30

Summary of Non-Vested Options and Restricted Stock Outstanding

The following table summarizes non-vested options outstanding at December 31, 2018:

		Weighted Average Grant-Date
	Number of Shares	Fair Value
Non-vested at beginning of the year	664,000	$         2.62
Granted	279,000	3.65
Vested	(245,000)	2.42
Forfeited	(2,500)	3.33
Non-vested  at end of year	695,500	3.10

2009 Stock Option Plan [Member]

Summary of Options Outstanding

A summary of options outstanding for the year ended December 31, 2018, is shown in the following table:

	Number of Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value
Outstanding at beginning of year	1,338,750	$         4.45
Granted	279,000	8.45
Forfeited	(2,500)	7.82
Expired	—	—
Exercised	(41,000)	3.55
Outstanding at end of year	1,574,250	5.18	$  3,607,310
Options outstanding and exercisable at end of year	878,750	3.68	$  3,125,823
Weighted average remaining contractual  life for outstanding and exercisable shares at year end	60 months