Equities (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary of Stock Option Activity

A summary of stock option activity during the six years in the period ended December 31, 2019, 2020, 2021, 2022, 2023 and 2024 is as follows:


		Number of options				Weighted average exercise price				Weighted average fair value per option
Outstanding and exercisable at January 1, 2019			2,107,000			$	9.13			$	1.82
Granted			120,000			$	9.57			$	0.82
Exercised			(578,000	)		$	6.29			$	1.58
Expired			(723,000	)		$	12.94			$	1.95

Outstanding and exercisable at December 31, 2019			926,000			$	7.98			$	1.72

Granted			1,825,000			$	9.41			$	1.98
Exercised			(433,000	)		$	6.46			$	1.88
Expired			(1,689,000	)		$	9.41			$	1.77

Outstanding and exercisable at December 31, 2020			629,000			$	9.35			$	2.22

Granted			—			$	—			$	—
Exercised			(150,000	)		$	9.41			$	1.43
Expired			(18,500	)		$	7.54			$	1.43

Outstanding and exercisable at December 31, 2021			460,500			$	9.41			$	2.48

Granted			—			$	—			$	—
Exercised			—			$	—			$	—
Expired			(153,500	)		$	9.41			$	1.98


Outstanding and exercisable at December 31, 2022			307,000			$	9.41			$	2.73

Granted			—			$	—			$	—
Exercised			—			$	—			$	—
Expired			(153,500	)		$	9.41			$	2.47

Outstanding and exercisable at December 31, 2023			153,500			$	9.41			$	2.98

Granted			—			$	—			$	—
Exercised			—			$	—			$	—
Expired			(153,500	)		$	9.41			$	2.98

Outstanding and exercisable at December 31, 2024			—			$	—			$	—

Summary of Option Outstanding and Exercisable by Company

Details of the options outstanding and exercisable as of December 31, 2021 are as follows:


Number of options granted		Vesting period		Exercise price				Exercisable period		Weighted remaining contractual life in months
In 2020
153,500		vest in January 2022		$	9.41			January 1, 2022 to December 31, 2022			24.0
153,500		vest in January 2023		$	9.41			January 1, 2023 to December 31, 2023			36.0
153,500		vest in January 2024		$	9.41			January 1, 2024 to December 31, 2024			48.0

Details of the options outstanding and exercisable as of December 31, 2022 are as follows:


Number of options granted		Vesting period		Exercise price				Exercisable period		Weighted remaining contractual life in months
In 2020
153,500		vest in January 2023		$	9.41			January 1, 2023 to December 31, 2023			36.0
153,500		vest in January 2024		$	9.41			January 1, 2024 to December 31, 2024			48.0

Details of the options outstanding and exercisable as of December 31, 2023 are as follows:

Number of

options

granted

Vesting period

Exercise

price

Exercisable period

Weighted

remaining

contractual

life in months

In 2020

153,500

vest in January 2024

$

9.41

January 1, 2024 to December 31, 2024

48.0

Summary of Weighted Average Fair Value Options Granted

The weighted average fair values of options granted during 2019 and 2020 were $0.82 and $1.98, respectively, using the Black-Scholes option-pricing model based on the following assumptions:


Year ended December 31,		2019		2020
Risk-free interest rate		1.71% to 2.10%		1.52% to 1.57%
Expected life		0.52 years to 1.52 years		0.94 years to 4.95 years
Expected volatility		23.14% to 25.46%		25.11% to 33.28%
Expected dividend yield		2.93%		0.00%