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Stock Options
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS STOCK OPTIONS
 
Incentive Stock Option Plan
 
On May 7, 2015, the stockholders of the Company approved the 2015 Incentive Stock Option Plan (“2015 ISO Plan”) and the Company reserved 400,000 shares of common stock for options to be issued under the 2015 ISO Plan. Each option becomes vested and exercisable for up to 20% of the total optioned shares one year following the grant of the option and for an additional 20% of the total optioned shares after each succeeding year until the option is fully exercisable at the end of the fifth year.

We also maintain other incentive option plans that have expired, under which previously granted awards remain outstanding. No additional grants may be awarded under these plans.

Following is a summary of activity in the Incentive Stock Option Plans for the periods indicated:
 
 202120202019
 Shares
  Exercise
   Price*
Shares
  Exercise
   Price*
Shares
  Exercise
   Price*
Options outstanding at beginning of year100,920 $68.58 119,720 $57.65 140,170 $49.78 
Granted18,900 156.38 13,950 114.53 12,150 105.56 
Exercised(30,210)53.68 (31,300)45.94 (28,100)38.93 
Canceled(2,000)130.92 (1,450)96.97 (4,500)58.57 
Options outstanding at end of year87,610 91.24 100,920 68.58 119,720 57.65 
Options exercisable at end of year49,360 $61.21 67,700 $52.60 85,070 $47.10 
Options available for grant at end of year297,850  314,750  327,250  
*Weighted Averages
 
 Options outstanding and exercisable at December 31, 2021 were as follows:
 
Qualified Stock OptionsOptions OutstandingOptions Exercisable
 
 Shares
Remaining Contractual Life (yrs)*Exercise Price*SharesExercise     Price*
Range of Exercise Price     
$32.76 - $52.51
16,100 1.49$40.88 16,100 $40.88 
$53.51 - $80.27
19,800 3.35$54.20 19,800 $54.20 
$83.99 - $125.99
33,710 7.08$102.27 13,460 $95.85 
$156.38 - $234.57
18,000 9.16$156.38 — $— 
Total87,610   49,360  
*Weighted Averages
 
The weighted-average grant-date fair values of options granted during 2021, 2020, and 2019 were $59.01, $38.33 and $39.85, respectively. Stock option expense was $0.6 million, $0.5 million and $0.5 million for years ending 2021, 2020, and 2019, respectively. As of December 31, 2021, there was $1.2 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a period of five years.

Equity Incentive Plan
 
On May 2, 2019, the stockholders of the Company approved the 2019 Equity Incentive Plan and the Company reserved 500,000 shares of common stock for issuance of equity awards including the issuance of non-qualified options for the purchase of shares of our common stock which may be granted to Company officers and non-employee directors. Options become vested and exercisable for up to 20% of the total optioned shares one year following the grant of the option and for an additional 20% of the total optioned shares after each succeeding year until the option is fully exercisable at the end of the fifth year.
 
2021
2020
2019
Options available for grant at end of year423,969455,549499,640

We also maintain other incentive option plans that have expired, under which previously granted awards remain outstanding. No additional grants may be awarded under these plans.

Non-Qualified Options

Following is a summary of activity in the Non-Qualified Stock Option Plans for the periods indicated:
 
 202120202019
 SharesExercise Price*SharesExercise Price*SharesExercise Price*
Options outstanding at beginning of year3,000 $53.51 5,300 $46.87 40,200 $42.99 
Granted— — — — — — 
Exercised(1,000)53.51 (2,300)38.22 (34,900)42.40 
Canceled— — — — — — 
Options outstanding at end of year2,000 53.51 3,000 53.51 5,300 46.87 
Options exercisable at end of year2,000 $53.51 3,000 $53.51 5,300 $46.87 
*Weighted Averages
 
Options outstanding and exercisable as of December 31, 2021 were as follows:
Non-Qualified Stock OptionsOptions OutstandingOptions Exercisable
 Shares   Remaining Contractual Life (yrs)*Exercise Price*SharesExercise Price*
Range of Exercise Price     
 $53.51 - $80.27
2,000 2.36$53.51 2,000 $53.51 
Total2,000   2,000  
*Weighted Averages

There were no options granted in 2019, 2020 or 2021. Stock option expense was zero, zero and $0.01 million for years ending 2021, 2020, and 2019, respectively. As of December 31, 2021, there was zero unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans.

During 2021, 2020, and 2019, 1,000, 2,300, and 34,900 non-qualified options were exercised, respectively, $0.1 million, $0.1 million, and $1.5 million of cash receipts were received, respectively.

Restricted Stock Awards/Units
 
Following is a summary of activity in the Restricted Stock Awards ("RSA")/Units for the periods indicated:
  
 202120202019
 SharesGrant-Date Fair Value*SharesGrant-Date Fair Value*SharesGrant-Date Fair Value*
Awards outstanding at beginning of year91,043 $104.77 78,705 $94.34 75,636 $81.39 
Granted35,224 157.00 44,307 111.95 36,060 105.69 
Exercised(45,651)101.36 (31,594)88.90 (32,466)69.94 
Canceled— — (375)100.34 (525)99.96 
Awards outstanding at end of year80,616 129.53 91,043 104.77 78,705 94.34 
*Weighted Averages

Restricted stock awards granted in 2019 vest 25% after one year following the award date and for an additional 25% of total awarded shares each succeeding year until fully vested. Restricted stock awards granted in 2020 and 2021 vest over a three year period. The weighted-average remaining contractual life in years for 2021, 2020 and 2019 was 1.61, 1.95 and 2.48, respectively. Compensation expense was $5.4 million, $3.7 million and $2.8 million for years ending 2021, 2020, and 2019, respectively. As of December 31, 2021, there was $6.3 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. The cost for awards granted prior to 2020 is expected to be recognized over a period of four years. In 2020, the Board of Directors modified the vesting period for new RSA's granted to three years to be inline with grants of future performance stock units.

Performance Stock Units

In 2020, the Company's Board of Directors approved a change to our long-term incentive compensation plan to implement new performance-based equity grants in the form of a Performance Stock Unit ("PSU") award. PSU award vesting and payout amounts are tied to the Company's achievement of certain targeted financial metrics relating to a three-year performance period with the goal of more closely aligning executive compensation with long-term Company performance.
The 2020 target long-term incentive compensation mix established for the Company's Section 16 filers consists of RSAs and PSUs each representing fifty percent (50%) of the total long-term incentive compensation target value. PSU awards represent a right to receive a certain number of shares of the Company’s common stock at the end of the three-year performance period if certain financial or other performance targets/metrics have been met.