Stock Compensation Plans	9 Months Ended
Sep. 30, 2022
Stock Compensation Plans
Stock Compensation Plans	Note 15 — Stock Compensation Plans At a special shareholders meeting held on September 29, 2022, our shareholders approved the Company’s 2022 Equity Incentive Plan whereby 1,369,771 shares of the Company’s common stock have been reserved from authorized but unissued shares for purposes of grants of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, performance shares and performance units to selected employees and non-employee directors of the Company. At September 30, 2022, 86,880 shares of restricted stock and 217,206 nonqualified stock options in the aggregate were awarded to six non-employee directors of the Company as set forth in the 2022 Equity Incentive Plan. The fair value of restricted stock is determined by the product of the number of shares granted and the final market price of the Company’s common stock at the grant date. The fair value of the share-based payments for the nonqualified stock options is estimated using the Black-Scholes option-pricing model. The aggregate fair value of the restricted stock and nonqualified stock options totaled $1.1 million and $843,000, respectively, at the date of the grants to our non-employee directors on September 30, 2022. The assumptions used to estimate the fair value of the nonqualified stock options includes 7.5 expected life, 3.97% risk free interest rate, 1.94% projected dividend yield, and 28.94% volatility rate. The restricted stock and nonqualified stock options granted to the non-employee directors vest at a rate of 20% per year from the date of the grant. The Company recognizes compensation costs for the fair value of the restricted stock and stock options on a straight-line basis over the requisite service period of five years. During the three and nine months ended at September 30, 2022, there were no compensation costs recognized.

Stock Compensation Plans

9 Months Ended

Sep. 30, 2022

Note 15 — Stock Compensation Plans

At a special shareholders meeting held on September 29, 2022, our shareholders approved the Company’s 2022 Equity Incentive Plan whereby 1,369,771 shares of the Company’s common stock have been reserved from authorized but unissued shares for purposes of grants of incentive stock options, nonqualified stock options, restricted stock,

restricted stock units, performance shares and performance units to selected employees and non-employee directors of the Company.

At September 30, 2022, 86,880 shares of restricted stock and 217,206 nonqualified stock options in the aggregate were awarded to six non-employee directors of the Company as set forth in the 2022 Equity Incentive Plan. The fair value of restricted stock is determined by the product of the number of shares granted and the final market price of the Company’s common stock at the grant date. The fair value of the share-based payments for the nonqualified stock options is estimated using the Black-Scholes option-pricing model. The aggregate fair value of the restricted stock and nonqualified stock options totaled $1.1 million and $843,000, respectively, at the date of the grants to our non-employee directors on September 30, 2022. The assumptions used to estimate the fair value of the nonqualified stock options includes 7.5 expected life, 3.97% risk free interest rate, 1.94% projected dividend yield, and 28.94% volatility rate. The restricted stock and nonqualified stock options granted to the non-employee directors vest at a rate of 20% per year from the date of the grant.

The Company recognizes compensation costs for the fair value of the restricted stock and stock options on a straight-line basis over the requisite service period of five years. During the three and nine months ended at September 30, 2022, there were no compensation costs recognized.