Stock Option Plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock Option Activity |
A summary of changes in options issued under the Company’s stock option plans follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Options outstanding at the beginning of the year |
|
|
1,403,090 |
|
|
|
1,598,761 |
|
Options granted |
|
|
113,500 |
|
|
|
37,500 |
|
Options forfeited |
|
|
(5,437 |
) |
|
|
(10,500 |
) |
Options exercised |
|
|
(141,251 |
) |
|
|
(222,671 |
) |
Options outstanding at the end of the year |
|
|
1,369,902 |
|
|
|
1,403,090 |
|
Options exercisable at the end of the year |
|
|
1,140,156 |
|
|
|
1,126,972 |
|
Common stock available for future grants at the end of the year |
|
|
110,375 |
|
|
|
223,875 |
|
Weighted average exercise price per share: |
|
|
|
|
|
|
Granted |
|
$ |
40.91 |
|
|
$ |
38.26 |
|
Forfeited |
|
|
30.05 |
|
|
|
31.63 |
|
Exercised |
|
|
23.58 |
|
|
|
21.87 |
|
Outstanding |
|
|
29.33 |
|
|
|
27.82 |
|
Exercisable |
|
|
28.12 |
|
|
|
26.61 |
|
|
| Summary of Options Outstanding |
A summary of options outstanding as December 31, 2025 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
Options Exercisable |
|
Range of Exercise Prices |
|
Number
Outstanding |
|
|
Weighted-
Average
Remaining
Contractual
Life (Years) |
|
Weighted-
Average
Exercise
Price |
|
|
Number
Exercisable |
|
|
Weighted-
Average
Exercise
Price |
|
$19.23 to $22.86 |
|
|
285,954 |
|
|
3 |
|
$ |
21.52 |
|
|
|
285,954 |
|
|
$ |
21.52 |
|
$22.87 to $24.03 |
|
|
263,512 |
|
|
4 |
|
|
23.44 |
|
|
|
263,512 |
|
|
|
23.44 |
|
$24.04 to $29.91 |
|
|
241,187 |
|
|
4 |
|
|
27.31 |
|
|
|
208,941 |
|
|
|
27.00 |
|
$29.92 to $38.09 |
|
|
255,124 |
|
|
7 |
|
|
32.51 |
|
|
|
158,624 |
|
|
|
32.88 |
|
$38.10 to $39.56 |
|
|
324,125 |
|
|
7 |
|
|
40.03 |
|
|
|
223,125 |
|
|
|
39.78 |
|
|
|
|
1,369,902 |
|
|
|
|
|
|
|
|
1,140,156 |
|
|
|
|
|
| Assumptions Used to Value Option Grants |
The assumptions used to value option grants for the years ended December 31, 2025 and 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Expected life in years |
|
7 |
|
|
7 |
|
Interest rate |
|
|
4.14 |
% |
|
|
3.85 |
% |
Volatility |
|
0.448 |
|
|
0.455 |
|
Dividend yield |
|
|
1.5 |
% |
|
|
1.5 |
% |
|
| Summary of the Status of the Company's Non-Vested Options |
A summary of the status of the Company’s non-vested options as of December 31, 2025 and 2024 follows:
|
|
|
|
|
|
|
|
|
For the twelve months ended December 31, 2025 |
|
|
|
|
|
|
|
|
Number of Awards |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested Outstanding, beginning of year |
|
|
276,118 |
|
|
$ |
12.91 |
|
Granted |
|
|
113,500 |
|
|
|
18.34 |
|
Cancelled/Forfeited |
|
|
(3,813 |
) |
|
|
12.00 |
|
Vested, outstanding shares |
|
|
(156,059 |
) |
|
|
13.47 |
|
Unvested Outstanding, end of year |
|
|
229,746 |
|
|
$ |
15.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended December 31, 2024 |
|
|
|
|
|
|
|
|
Number of Awards |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested Outstanding, beginning of year |
|
|
460,055 |
|
|
$ |
11.81 |
|
Granted |
|
|
37,500 |
|
|
|
17.16 |
|
Cancelled/Forfeited |
|
|
(8,875 |
) |
|
|
12.00 |
|
Vested, outstanding shares |
|
|
(212,562 |
) |
|
|
11.31 |
|
Unvested Outstanding, end of year |
|
|
276,118 |
|
|
$ |
12.91 |
|
|