Equity

3 Months Ended

Mar. 31, 2025

Equity

Equity

Note 4: Equity

Dividends

The Company did not pay any dividends during the three-month periods ended March 31, 2025 and 2024.

Preferred stock and common stock

There were no issuances of preferred stock or common stock during the three-month periods ended March 31, 2025 and 2024, other than stock awarded to employees and the Board of Directors.

2023 Equity Incentive Plan

On June 7, 2023, the shareholders of the Company approved the 2023 Equity Incentive Plan (the “2023 Plan”).  Under the terms of the 2023 Plan, the Company is authorized to issue incentive awards for common stock up to 300,000 shares to employees and other personnel. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2023 Plan is effective through April 1, 2033. As of March 31, 2025, there are 366,078 shares which remain to be granted under the 2023 Plan, including 123,076 shares assumed under the Company’s previous 2014 Equity Incentive Plan, as amended.

The following table summarizes information about stock options outstanding and exercisable at March 31, 2025:

	Options Outstanding						Options Exercisable
Exercise Price Range	Number		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number
$ 0.01 - 8.00		5,000		0.64	$	6.80		5,000
$ 8.01 - 11.00		1,000		4.25	$	10.75		1,000
$ 11.01 - 16.00		10,000		3.92	$	13.21		10,000
$ 16.01 - 27.00		30,000		7.76	$	26.98		15,000
$ 27.01 - 27.71		12,750		6.80	$	27.71		12,750
Total		58,750		6.23	$	22.80		43,750

As of March 31, 2025, the Company had unrecognized stock compensation related to the options of $183,000, which will be recognized through 2027.

The Company did not grant any restricted stock units during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company granted 26,500 restricted stock units to employees, which vest at various intervals over 3 years.  The average grant date fair value of these grants was $14.86 per share. During the three months ended March 31, 2025, 9,000 restricted stock units with an intrinsic value of $20.81, vested. During the three months ended March 31, 2024, 2,167 restricted stock units with an average intrinsic value of $28.24, vested. As of March 31, 2025, there was $575,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2026.