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

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [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,	2022			2021
Risk free interest rate		1.25	%		0.20	%
Dividend yield		3.64	%		4.17	%
Volatility		22.68	%		21.14	%
Expected life (years)		4.05			4.88

Stock Option Activity

Stock option activity during the six months ended June 30, 2022 and 2021 is as follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2021		113,950		$	37.58
Granted		29,350			37.26
Exercised		—			—
Forfeited		(22,075	)		37.83
Outstanding at June 30, 2022		121,225		$	37.45		2.78	$	—
Exercisable at June 30, 2022		43,925		$	40.82		1.15	$	—

	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
Granted		25,000			32.50
Exercised		(19,025	)		30.97
Forfeited		(3,125	)		30.40
Outstanding at June 30, 2021		119,400		$	37.60		2.17	$	—
Exercisable at June 30, 2021		45,475		$	4.73		0.65	$	—