STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

A summary of stock option activity for the year ended December 31, 2022 is presented below:



	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value










Outstanding at January 1, 2022	1,034,525	$	27.23	7.48	$	—
Granted	234,000	24.10		9.05
Cash Settlement	(346,725)	30.07
Forfeited	(7,800)	28.37
Expired	—	—
Outstanding at December 31, 2022	914,000	$	25.34	7.71	$	1,455,000

Options exercisable at December 31, 2022	105,600	$	28.01	6.11	$	—

On December 31, 2022, a total of 914,000 options were outstanding. Outstanding options at December 31, 2022 and the related vesting schedules are summarized below:


Stock Options Granted
Date	Shares	Forfeited	Cash Settlement	Outstanding	Strike Price		Vesting Period	Expiration

January 18, 2022	156,000	—	—	156,000	$	24.10	3 years	10 years
January 18, 2022	78,000	—	—	78,000	24.10		5 years	10 years
April 9, 2021	156,500	—	—	156,500	24.23		3 years	10 years
April 9, 2021	78,000	—	—	78,000	24.23		5 years	10 years
March 11, 2020	119,300	—	—	119,300	25.34		3 years	10 years
March 11, 2020	119,200	—	—	119,200	25.34		5 years	10 years
March 15, 2019	120,900	(18,300)	—	102,600	28.01		3 years	10 years
March 15, 2019	119,100	(17,700)	—	101,400	28.01		5 years	10 years






August 27, 2015	58,125	(26,250)	(28,875)	3,000	28.02		5 years	10 years

Stock Option Valuation Assumptions

The following is a summary of the assumptions used in this model for the stock options granted during 2022, 2021, and 2020:


	2022			2021			2020
Risk-free interest rate	1.23		%	0.82		%	1.32		%
Expected volatility	33.50		%	36.56		%	28.29		%
Expected annual dividend	$	1.28		$	1.28		$	1.28
Expected life	6.84 years			6.84 years			7.00 years
Weighted average grant date fair value per option	$	4.28		$	4.72		$	3.80