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Note 13 - Stock Option Plan and Non-Employee Director Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity

Stock option activity during 2023, 2022, and 2021 was as follows:

 

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value

 

Outstanding at December 31, 2020

 

 

116,550

 

 

$

37.42

 

 

 

 

 

 

 

Exercised

 

 

(19,025

)

 

 

30.97

 

 

 

 

 

 

 

Forfeited

 

 

(8,575

)

 

 

35.27

 

 

 

 

 

 

 

Granted

 

 

25,000

 

 

 

32.50

 

 

 

 

 

 

 

Outstanding at December 31, 2021

 

 

113,950

 

 

 

37.58

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(34,150

)

 

 

37.07

 

 

 

 

 

 

 

Granted

 

 

29,350

 

 

 

37.26

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

109,150

 

 

 

37.65

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(22,600

)

 

 

43.15

 

 

 

 

 

 

 

Granted

 

 

35,000

 

 

 

29.51

 

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

121,550

 

 

$

34.29

 

 

 

3.83

 

 

$

 

Exercisable at December 31, 2023

 

 

41,375

 

 

$

37.37

 

 

 

0.60

 

 

$

 

Outstanding Stock Options

As of December 31, 2023, outstanding stock options consist of the following:

 

 

 

Options
outstanding

 

 

Exercise
price

 

 

Remaining life
(in years)

 

 

Options
exercisable

 

 

Exercise
price

 

 

 

 

35,000

 

 

$

29.51

 

 

 

9.13

 

 

 

 

 

$

 

 

 

 

19,825

 

 

 

32.50

 

 

 

2.13

 

 

 

 

 

 

 

 

 

 

19,650

 

 

 

36.50

 

 

 

1.13

 

 

 

19,650

 

 

 

36.50

 

 

 

 

25,350

 

 

 

37.26

 

 

 

3.13

 

 

 

 

 

 

 

 

 

 

21,725

 

 

 

38.15

 

 

 

0.13

 

 

 

21,725

 

 

 

38.15

 

Outstanding at December 31, 2023

 

 

121,550

 

 

$

34.29

 

 

 

3.83

 

 

 

41,375

 

 

$

37.37

 

Intrinsic Value Related to Stock Options Exercised

The intrinsic value related to total stock options exercised during 2023, 2022, and 2021 are as follows:

 

 

 

2023

 

 

2022

 

 

2021

 

Intrinsic value of stock options exercised

 

$

 

 

$

 

 

$

31