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Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of stock option activity for the period

Options granted in 2025 are shown in the table below. There were no options granted in 2024 and 2023.

 

Year

 

Options

 

 

Exercise
Price

 

2025

 

 

125,000

 

 

$

10.75

 

Options exercised in 2024 and 2023 are shown in the table below. There were no options exercised in 2025.

 

Year

 

Options Exercised

 

 

Exercised
Price

2024

 

 

102,468

 

 

$18.58 to $21.30

2023

 

 

62,551

 

 

$11.62 to $18.69

Options outstanding and exercisable at December 31, 2025, 2024 and 2023 were as follows:

 

Year

 

Outstanding

 

 

Range of Exercise
Prices

 

Exercisable

 

 

Weighted Average
Exercise Price

 

2025

 

 

137,797

 

 

$10.75 to $21.30

 

 

12,797

 

 

$

17.13

 

2024

 

 

16,114

 

 

$11.62 to $21.30

 

 

16,114

 

 

$

17.43

 

2023

 

 

118,602

 

 

$11.62 to $21.30

 

 

118,602

 

 

$

20.35

 

 

The following table provides a summary of stock option activity for the period ended December 31, 2025:

 

 

 

Shares

 

 

Average
Exercise
Price

 

 

Weighted
Average
Life (in Years)

 

Outstanding at December 31, 2024

 

 

16,114

 

 

$

17.43

 

 

 

 

Options granted

 

 

125,000

 

 

 

10.75

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

Canceled or forfeited

 

 

(1,817

)

 

 

18.58

 

 

 

 

Expired

 

 

(1,500

)

 

 

18.69

 

 

 

 

Outstanding at December 31, 2025

 

 

137,797

 

 

 

11.34

 

 

 

8.33

 

Exercisable at December 31, 2025

 

 

12,797

 

 

$

17.13

 

 

 

1.70

 

Schedule of option pricing model based on the assumptions The Company uses the binomial lattice option pricing model based on the assumptions set forth in the following table.

 

 

 

2025

Risk free interest rate

 

4.29%

Expected dividend yield

 

4.90%

Expected life of award (years)

 

6.13

Expected volatility

 

41.56%

Fair value per option

 

$3.22

Summary of combined restricted stock units, including performance-based restricted stock units and restricted stock activity for the period

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2025:

 

 

 

Shares

 

 

Average
Grant-Date
Fair Value

 

Unvested shares at December 31, 2024

 

 

943,855

 

 

 

 

Granted

 

 

509,417

 

 

$

13.60

 

Vested

 

 

(261,228

)

 

$

19.65

 

Canceled or forfeited

 

 

(272,952

)

 

$

17.79

 

Unvested shares at December 31, 2025

 

 

919,092