Note 3 - Stock-based Compensation and Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Assumptions Used in Option Pricing Model

The following assumptions were used in the option pricing model in determining the fair value of options granted during the period:

For the Six Months Ended June 30,	2024			2023
Risk free interest rate		3.98	%		3.64	%
Dividend yield		5.97	%		4.80	%
Volatility		20.96	%		20.36	%
Expected life (years)		8.19			8.35

Stock Option Activity

Stock option activity during the six months ended June 30, 2024 and 2023 is as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2023		121,550		$	34.29
Granted		40,000			23.40
Exercised		—			—
Forfeited		(24,275	)		37.69
Outstanding at June 30, 2024		137,275		$	30.51		5.74	$	3,600
Exercisable at June 30, 2024		45,315		$	33.74		2.26	$	—

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2022		109,150		$	37.65
Granted		35,000			29.51
Exercised		—			—
Forfeited		(22,600	)		43.15
Outstanding at June 30, 2023		121,550		$	34.29		3.83	$	—
Exercisable at June 30, 2023		41,375		$	37.37		0.60	$	—