Stock Option Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option Activity

A summary of changes in options issued under the Company’s stock option plans follows:

	2024			2023
Options outstanding at the beginning of the year		1,598,761			1,617,672
Options granted		37,500			163,500
Options forfeited		(10,500	)		(6,938	)
Options exercised		(222,671	)		(175,473	)
Options outstanding at the end of the year		1,403,090			1,598,761
Options exercisable at the end of the year		1,126,972			1,138,706
Common stock available for future grants at the end of the year		223,875			3,250
Weighted average exercise price per share:
Granted	$	38.26		$	30.47
Forfeited		31.63			20.68
Exercised		21.87			16.95
Outstanding		27.82			26.77
Exercisable		26.61			24.82

Summary of Options Outstanding

A summary of options outstanding as December 31, 2024 is as follows:

Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$19.23 to $22.86		338,454	3	$	21.48		338,454	$	21.48
$22.87 to $24.03		304,637	4		23.46		304,637		23.46
$24.04 to $29.91		286,374	5		27.00		220,499		26.30
$29.92 to $38.09		225,875	8		31.56		93,505		32.85
$38.10 to $39.56		247,750	7		39.38		169,877		39.47
		1,403,090					1,126,972

Assumptions Used to Value Option Grants

The assumptions used to value option grants for the years ended December 31, 2024 and 2023 were as follows:

	2024			2023
Expected life in years	7			7
Interest rate		3.85	%		4.17	%
Volatility	0.455			0.422
Dividend yield		1.5	%		1.8	%

Summary of the Status of the Company's Non-Vested Options

A summary of the status of the Company’s non-vested options as of December 31, 2024 and 2023 follows:

For the twelve months ended December 31, 2024
	Number of Awards			Weighted Average Grant Date Fair Value
Unvested Outstanding, beginning of year		460,055		$	11.81
Granted		37,500			17.16
Cancelled/Forfeited		(8,875	)		12.00
Expired		—			—
Vested, outstanding shares		(212,562	)		11.31
Unvested Outstanding, end of year		276,118		$	12.91
For the twelve months ended December 31, 2023
	Number of Awards			Weighted Average Grant Date Fair Value
Unvested Outstanding, beginning of year		485,498		$	10.77
Granted		163,500			12.65
Cancelled/Forfeited		(875	)		11.10
Expired		—			—
Vested, outstanding shares		(188,068	)		9.86
Unvested Outstanding, end of year		460,055		$	11.81