In 2020, the Company adopted the 2020 Equity Incentive Plan which replaced the 2014 Equity Incentive Plan that did not have any remaining shares available for issuance. The plans are designed to help the Company attract, retain, and motivate employees and non-employee directors. Incentive stock options, non-qualified stock options, restricted stock, restricted stock units, and other equity-based awards may be granted as part of the plan.


Stock Options Granted
Date	Shares	Forfeited	Settlement	Outstanding	Strike Price		Vesting Period	Expiration

January 17, 2024	64,700	(4,700)	—	60,000	$	20.85	3 years	10 years
January 17, 2024	32,300	(2,300)	—	30,000	20.85		5 years	10 years
January 20, 2023	59,500	(6,700)	—	52,800	27.77		3 years	10 years
January 20, 2023	29,500	(3,300)	—	26,200	27.77		5 years	10 years
January 18, 2022	156,000	(6,700)	(73,300)	76,000	24.10		3 years	10 years
January 18, 2022	78,000	(3,300)	—	74,700	24.10		5 years	10 years
April 9, 2021	156,500	(6,700)	(82,400)	67,400	24.23		3 years	10 years
April 9, 2021	78,000	(3,300)	—	74,700	24.23		5 years	10 years
March 11, 2020	119,300	(2,500)	(63,800)	53,000	25.34		3 years	10 years
March 11, 2020	119,200	(2,500)	—	116,700	25.34		5 years	10 years
March 15, 2019	120,900	(24,300)	(34,125)	62,475	28.01		3 years	10 years
March 15, 2019	119,100	(23,700)	(34,125)	61,275	28.01		5 years	10 years






August 27, 2015	58,125	(26,250)	(28,875)	3,000	28.02		5 years	10 years
	1,191,125	(116,250)	(316,625)	758,250	$	25.05


	March 31, 2025
	Shares	Weighted Average Exercise Price
Outstanding, beginning of year	1,087,300	$	25.12
Granted	—	—
Settlement	(281,050)	25.34
Forfeited	(48,000)	25.04

Outstanding, end of period	758,250	$	25.05

Exercisable, end of period	439,850	$	25.73

The estimated fair value of options, including the effect of estimated forfeitures, is recognized as expense on a straight line basis over the options’ vesting periods while ensuring that the cumulative amount of compensation cost recognized at least equals the value of the vested portion of the award at that date.

Compensation expense for stock options is recognized using the fair value when the stock options are granted and is amortized over the options' vesting period. Compensation expense related to stock options was $(262,000), the negative amount was due to forfeitures during the period, for the three months ended March 31, 2025, compared to $273,000 for the same period of 2024. As of March 31, 2025, a total of 439,850 stock options were exercisable and the weighted average years to expiration of these options was 5.12 years.