STOCK-BASED COMPENSATION

March 31, 2021,

we have

three

stock-based compensation plans in effect. In

August 2020,

shareholders approved the

2020

Non-Employee Directors' Stock Incentive Plan (the

“2020

Plan”), which authorizes the issuance of

200,000

shares of common stock to non-employee directors. We record compensation cost related to unvested stock awards by recognizing the unamortized grant date fair value on a straight-line basis over the vesting periods of each award. We have estimated forfeiture rates based on our historical experience. Stock option compensation expense for the

three

-month periods ended

March 31, 2021

and

2020

has been recognized as a component of general and administrative expenses in the accompanying Consolidated Financial Statements. We recorded

$57,000

and

$62,000

of stock-based compensation expense during the quarters ended

March 31, 2021

and

2020,

respectively.

As of

March 31, 2021,

there is

$122,000

of unrecognized compensation cost related to stock options. There were

67,500

options exercised during the

three

months ended

March 31, 2021.

options were granted during the

three

months ended

March 31, 2021

2020.

The following table summarizes options as of

March 31, 2021:

	# of Shares		Wgt Avg Exercise Price		Wgt Avg Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding at March 31, 2021		59,000	$	17.35		7.4	$	1,389,970
Vested and exercisable at March 31, 2021		45,000	$	14.83		7.2	$	1,173,570

The estimated fair value of options granted is calculated using the Black-Scholes option pricing model with assumptions as previously disclosed in our

2020

Form

-K.

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the

first

quarter of

2021

and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on

March 31, 2021.

The amount of aggregate intrinsic value will change based on the market value of the Company's stock.