STOCK OPTIONS

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

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 nine months ended September 30, 2018 there were no options granted, expired or forfeited.

The following table summarizes stock option activity during the nine months ended September 30, 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 September 30, 2018		1,600	$	15.30

The following table summarizes information concerning outstanding and exercisable options as of September 30, 2018:

	Number of securities to be issued upon exercise of outstanding options		Weighted-average exercise price of outstanding options		Number of securities remaining available for future issuance under equity 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 September 30, 2018, the stock options outstanding and exercisable had no intrinsic value.