v3.25.2
Note 3 - Stock-based Compensation and Shareholders' Equity (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [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,

 

2025

 

 

2024

 

Risk free interest rate

 

 

4.44

%

 

 

3.98

%

Dividend yield

 

 

4.36

%

 

 

5.97

%

Volatility

 

 

24.96

%

 

 

20.96

%

Expected life (years)

 

 

6.50

 

 

 

8.19

 

Stock Option Activity

Stock option activity during the six months ended June 30, 2025 and 2024 is as follows:

 

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual term
(in years)

 

 

Aggregate
intrinsic value

 

Outstanding at December 31, 2024

 

 

137,275

 

 

$

30.51

 

 

 

 

 

$

578

 

Granted

 

 

68,975

 

 

 

33.50

 

 

 

 

 

 

13

 

Exercised

 

 

(5,325

)

 

 

29.69

 

 

 

 

 

 

21

 

Forfeited

 

 

(21,050

)

 

 

36.04

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

179,875

 

 

$

31.04

 

 

 

7.11

 

 

$

565

 

Exercisable at June 30, 2025

 

 

60,280

 

 

$

32.80

 

 

 

3.32

 

 

$

141

 

 

 

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual term
(in years)

 

 

Aggregate
intrinsic value

 

Outstanding at December 31, 2023

 

 

121,550

 

 

$

34.29

 

 

 

 

 

$

 

Granted

 

 

40,000

 

 

 

23.40

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(24,275

)

 

 

37.69

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

137,275

 

 

$

30.51

 

 

 

5.74

 

 

$

3,600

 

Exercisable at June 30, 2024

 

 

45,315

 

 

$

33.74

 

 

 

2.26

 

 

$