Stock Option Plans (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018:

	2019		2018
Expected volatility	40	%	40	%
Expected term (years)	6.25		6.25
Risk free rate	2.66	%	2.54	%

Summary of Grants Shares Issued and Fair Market Value

A summary of these grants for the years ended December 31, 2019 and 2018 is shown in the following table:

	2019		2018
Month	Shares Issued	Fair Value	Shares Issued	Fair Value
March	6,675	8.08	4,670	8.35
June	6,723	7.28	3,552	9.85
July	—	—	616	9.85
September	7,459	7.76	4,741	9.05
December	6,210	8.69	5,192	8.27

Summary of Non-Vested Options and Restricted Stock Outstanding

The following table summarizes non-vested options outstanding as of December 31, 2019:

		Weighted Average
		Grant-Date
	Number of Shares	Fair Value
Non-vested at beginning of the year	695,500	$	3.10
Granted	322,000		3.34
Vested	(277,750)		2.82
Forfeited	(32,500)		3.31
Non-vested at end of year	707,250		3.32

2009 Stock Option Plan [Member]

Summary of Options Outstanding

A summary of options outstanding for the year ended December 31, 2019, is shown in the following table:

		Weighted
		Average		Aggregate
	Number of Shares	Exercise Price		Intrinsic Value
Outstanding at beginning of year	1,574,250	$	5.18
Granted	322,000		7.70
Forfeited	(32,500)		7.56
Expired	(6,750)		8.37
Exercised	(263,250)		3.39
Outstanding at end of year	1,593,750		5.92	$	4,714,405
Options outstanding and exercisable at end of year	886,500		4.56	$	3,827,808
Weighted average remaining contractual life for outstanding and exercisable shares at year end	60 months