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Stock Option Plan and Restricted Stock Plan
 3 Months Ended
Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Plan and Restricted Stock Plan
Note 8 - Stock Option Plan and Restricted Stock Plan
Stock Option Plans
The Company has two incentive stock plans previously approved by the Company’s shareholders to provide for the granting of options to employees of the Company at prices not less than market value at the date of grant. At March 31, 2021, the Company had reserved 3,559,402 shares of stock for issuance under the plan. The option plan provides that options granted vest and are exercisable after two years from the date of grant and vest at a rate of 20% each year and have a
10-year
term. Shares are issued under the stock option plan from available authorized shares. An analysis of stock option activity for the quarter-ended March 31, 2021 is presented in the table and narrative below:​​​​​​​
 
     Shares      Weighted-
Average Ex. Price		  
Outstanding, December 31, 2020
      1,833,057      $ 20.85  
Granted
      —          —    
Exercised
      (124,524 )       16.35  
Cancelled
      (14,100 )       24.60  
    
 
 
     
 
 
  
Outstanding, March 31, 2021
      1,694,433        21.15  
    
 
 
     
 
 
  
Exercisable, March 31, 2021
      764,953      $ 17.36  
    
 
 
     
 
 
  
The options outstanding at March 31, 2021 had exercise prices ranging between $7.87 and $34.55. Stock options have been adjusted retroactively for the effects of stock dividends and splits.
The Company grants incentive stock options for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant to employees. On January 28, 2020, the Company granted 11,250 incentive stock options with an exercise price of $34.55 per share.
The Company recorded stock option expense totaling $319,000 and $340,000 for the three-month periods ended March 31, 2021 and 2020, respectively.
As of March 31, 2021, there was $3,753,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements related to stock options granted under the Company’s stock option plans. That cost is expected to be recognized over a weighted-average period of 1.77 years. The total fair value of shares vested during the three-months ended March 31, 2021 and 2020 was $31,000 and $119,000, respectively.
Restricted Stock Plan
On April 28, 2015, shareholders of the Company approved a restricted stock plan for selected employees, officers,
non-employee
directors and consultants. At March 31, 2021, the Company had allocated 633,003 shares of stock for issuance under the plan.
 
The following table summarized information about vested and unvested restricted stock outstanding at March 31, 2021 and 2020, respectively.
 
     For the three-months ended March 31,  
     2021      2020  
     Restricted
Stock
Outstanding		      Weighted
Average
Grant Date
Fair Value		      Restricted
Stock
Outstanding		      Weighted
Average
Grant Date
Fair Value		  
Balance at beginning of period
      95,888      $ 29.89        105,309      $ 29.93  
Grants
      —          —          3,413        34.55  
Vesting
      (993 )       34.55        —          —    
Forfeited/expired
      (479 )       34.55        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance at end of period
      94,416      $ 29.82        108,722      $ 30.08  
    
 
 
     
 
 
     
 
 
     
 
 
  
The total fair value of restricted stock vested was $39,000 for the three-months ended March 31, 2021. No
 
restricted stock vested during the three-months ended March 31, 2020.
The Company recorded restricted stock expense for employees of $290,000 and $275,000, respectively, for the three-months ended March 31, 2021 and 2020, respectively. The Company recorded director expense related to these restricted stock grants of $150,000 and $175,000 for the three-months ended March 31, 2021 and 2020, respectively.
As of March 31, 2021, and 2020, there were $1,701,000 and $2,118,000, respectively, of total unrecognized compensation cost related to unvested restricted stock which is expected to be recognized over a weighted-average period of 1.44 years and 1.43 years, respectively. At March 31, 2021 and 2020, and December 31, 2020, there was $61,000, $41,000 and $49,000, respectively, accrued in other liabilities related to dividends declared to be paid upon vesting.
On April 28, 2021, the Company approved a new 2021 Omnibus Stock and Incentive Plan and registered and reserved 2,500,000 shares of the Company’s common stock for issuance under this plan. This plan supersedes all prior stock option and restricted stock plans with previously reserved shares cancelled.