STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

A summary of stock option activity for the year ended December 31, 2023 is presented below:



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










Outstanding at January 1, 2023	914,000	$	25.34	7.71	$	—
Granted	89,000	27.77		9.06
Cash Settlement	—	—
Forfeited	(3,000)	28.01
Expired	—	—
Outstanding at December 31, 2023	1,000,000	$	25.55	6.92	$	—

Options exercisable at December 31, 2023	223,400	$	26.58	5.68	$	—

On December 31, 2023, a total of 1,000,000 options were outstanding. Outstanding options at December 31, 2023 and the related vesting schedules are summarized below:


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

January 20, 2023	59,500	—	—	59,500	$	27.77	3 years	10 years
January 20, 2023	29,500	—	—	29,500	27.77		5 years	10 years
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	(19,800)	—	101,100	28.01		3 years	10 years
March 15, 2019	119,100	(19,200)	—	99,900	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 2023, 2022, and 2021:


	2023			2022			2021
Risk-free interest rate	3.76		%	1.23		%	0.82		%
Expected volatility	31.42		%	33.50		%	36.56		%
Expected annual dividend	$	1.28		$	1.28		$	1.28
Expected life	6.51 years			6.84 years			6.84 years
Weighted average grant date fair value per option	$	6.11		$	4.28		$	4.72