8. STOCK OPTIONS

In January and March 2018 three directors and one officer exercised options to purchase a total of 10,900 shares at $9.31 per share (options to purchase 1,600 shares by one director were exchanged for new options via Stock Option Agreement re-load provision). Stock based compensation expense is recognized using the fair-value method for all awards. During the three months ended March 31, 2018 there were no options granted, expired or forfeited.

The following table summarizes stock option activity during the three months ended March 31, 2018:

			Weighted
			Average
	Options		Exercise
	Outstanding		Price
Outstanding at January 1, 2018		12,500	$	9.31
Exercised (including 1,600 shares exchanged via re-load option)		12,500		9.31
Forfeited		-		-
Expired unexercised		-		-
Granted (via re-load option)		1,600		15.30
Outstanding at March 31, 2018		1,600	$	15.30

The following table summarizes information concerning outstanding and exercisable options as of March 31, 2018:

	Number of
	securities to be
	issued upon		Weighted-average		Number of securities
	exercise of		exercise price of		remaining available for future
	outstanding		outstanding		issuance under equity
	options		options		compensation plans
Equity compensation plan approved by shareholders		1,600	$	15.30		47,608
Equity compensation plan not approved by shareholders		—		—		—
Total		1,600	$	15.30		47,608

As of March 31, 2018, the stock options outstanding and exercisable had no intrinsic value.