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Stock Options and Restricted Stock (Tables)
9 Months Ended
Sep. 30, 2022
Stock Options and Restricted Stock  
Summary of valuation assumptions used to determine the fair value of option award

The weighted average assumptions used in the model of valuing stock option grants for the nine months ended September 30, 2022, are as follows:

September 30, 

    

2022

    

Dividend Yield

 

%  

Expected Life

 

7

Years

Expected Volatility

 

24.71

%  

Risk-Free Interest Rate

 

1.70

%  

Summary of the status of the Company's outstanding stock options

The following table presents a summary of the status of the Company’s stock option grants for the nine months ended September 30, 2022:

September 30, 2022

    

    

    

Weighted

Average

Shares

Exercise Price

Outstanding at Beginning of Year

 

1,768,745

$

7.67

Granted

 

290,000

 

17.50

Exercised

 

(28,000)

 

3.81

Forfeitures

 

(12,000)

 

14.77

Outstanding at Period End

 

2,018,745

$

9.10

Options Exercisable at Period End

 

1,348,470

$

7.06

Summary of information pertaining to options outstanding based on range of exercise price

The following table presents information pertaining to options outstanding at September 30, 2022:

Options Outstanding

Options Exercisable

Weighted Average

Number of

Weighted Average

Remaining Contractual

Number of

Weighted Average

Range of Exercise Prices

    

Options

    

Exercise Price

Life in Years

Options

    

Exercise Price

$

2.13 - 3.99

 

384,000

$

3.04

1.3

 

384,000

 

$

3.04

7.00 - 7.99

 

926,717

 

7.47

 

5.0

 

733,317

 

7.47

8.00 - 8.99

 

20,000

 

8.76

 

7.5

 

7,500

 

8.76

10.00 - 10.99

10,000

10.08

7.7

5,000

10.08

11.00 - 11.99

85,000

11.27

6.6

51,000

11.27

12.00 - 12.99

267,528

12.90

6.9

145,028

12.90

13.00 - 13.99

25,000

13.22

5.6

20,000

13.22

17.00 - 17.99

300,500

17.50

9.3

2,625

17.49

Totals

 

2,018,745

$

9.10

5.3

 

1,348,470

$

7.06

Summary of analysis of nonvested options to purchase shares of the Company's stock issued and outstanding

The following table presents an analysis of nonvested options to purchase shares of the Company’s stock issued and outstanding for the nine months ended September 30, 2022:

    

    

    

Weighted

Number of

Average Grant

Shares

Date Fair Value

Nonvested Options at December 31, 2021

 

435,900

$

3.43

Granted

 

290,000

5.28

Vested

 

(43,625)

3.95

Forfeited

(12,000)

5.12

Nonvested Options at September 30, 2022

 

670,275

$

4.17

Summary of the status of the Company's outstanding restricted stock awards

The following table presents an analysis of nonvested restricted stock awards outstanding for the nine months ended September 30, 2022:

    

    

    

Weighted

Number of

Average Grant

Shares

Date Fair Value

Nonvested Awards at December 31, 2021

 

75,113

$

12.59

Granted

 

Vested

 

(2,786)

10.32

Forfeited

(1,000)

12.92

Nonvested Awards at September 30, 2022

 

71,327

$

12.68

Summary of the status of the Company's outstanding restricted stock units

The following table presents an analysis of nonvested restricted stock units outstanding for the nine months ended September 30, 2022:

    

    

    

Weighted

Number of

Average Grant

Units

Date Fair Value

Nonvested Units at December 31, 2021

 

344,908

$

15.02

Granted

 

2,500

17.50

Vested

 

(5,100)

15.67

Forfeited

(9,572)

15.12

Nonvested Units at September 30, 2022

 

332,736

$

15.02