Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Information regarding the Company’s stock option plan as of and for the years ended December 31, 2016 and 2015 is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Life		Aggregate Intrinsic Value
Options outstanding, December 31, 2014		328,200			4.33
Options granted		111,500			5.85
Options exercised		(21,500	)		4.48
Options forfeited		(78,400	)		4.29
Options outstanding, December 31, 2015		339,800			4.83
Options granted		74,000			6.98
Options exercised		(18,800	)		3.96
Options forfeited		(55,500	)		5.08
Options outstanding, December 31, 2016		339,500			5.31		4.89	$	878,385
Options exercisable, December 31, 2016		138,066			4.48		1.89	$	472,635
Option price range at December 31, 2016				$	3.37 to $7.48

The following weighted average assumptions were used to value options granted in current and prior periods presented.

	2016			2015
Expected life of options	5.5 years			5.5 years
Risk-free interest rate		1.77	%		1.71	%
Expected volatility		58.32	%		61.84	%
Expected dividend yield		0.00	%		0.00	%
Weighted average fair value of options granted	$	3.55		$	3.16

The following table summarizes the nonvested options in the Company’s stock option plan as of December 31, 2016.

	Shares			Weighted Average Exercise Price
Nonvested options outstanding, December 31, 2015		235,570		$	5.13
Nonvested options granted		74,000			6.98
Nonvested options vested		(52,636	)		4.87
Nonvested options forfeited		(55,500	)		5.08
Nonvested options outstanding, December 31, 2016		201,434		$	5.89