v3.26.1
Note 3 - Stock-based Compensation and Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2026
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 Three Months Ended March 31,

 

 

2026

 

 

 

2025

 

Risk free interest rate

 

 

3.82

%

 

 

4.44

%

Dividend yield

 

 

4.35

%

 

 

4.36

%

Volatility

 

 

26.34

%

 

 

24.96

%

Expected life (years)

 

 

6.50

 

 

 

6.50

 

Stock Option Activity

Stock option activity during the three months ended March 31, 2026 and 2025 is as follows:

 

 

 

Number
of options

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual term
(in years)

 

 

Aggregate
intrinsic value

 

Outstanding at December 31, 2025

 

 

176,145

 

 

$

31.07

 

 

 

 

 

$

1,569

 

Granted

 

 

37,000

 

 

 

38.00

 

 

 

 

 

 

73

 

Exercised

 

 

(24,750

)

 

 

31.42

 

 

 

 

 

 

212

 

Forfeited

 

 

(1,950

)

 

 

32.50

 

 

 

 

 

 

15

 

Outstanding at March 31, 2026

 

 

186,445

 

 

$

32.38

 

 

 

7.60

 

 

$

1,416

 

Exercisable at March 31, 2026

 

 

58,085

 

 

$

32.11

 

 

 

5.05

 

 

$

457

 

 

 

 

 

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

 

 

 

 

 

$

723

 

Granted

 

 

68,975

 

 

 

33.50

 

 

 

 

 

 

121

 

Exercised

 

 

(5,225

)

 

 

29.81

 

 

 

 

 

 

28

 

Forfeited

 

 

(19,150

)

 

 

36.50

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

181,875

 

 

$

31.04

 

 

 

7.39

 

 

$

816

 

Exercisable at March 31, 2025

 

 

60,380

 

 

$

32.79

 

 

 

3.58

 

 

$

198

 

Restricted Stock Award Activity

Restricted stock award activity during the three months ended March 31, 2026 is as follows; there were no restricted stock awards granted prior to February 2026:

 

 

 

Number
of options

 

 

Weighted
average
Fair Value

 

 

Weighted
average
remaining
contractual term
(in years)

 

 

Aggregate
intrinsic value

 

Outstanding at December 31, 2025

 

 

 

 

$

 

 

 

 

 

$

 

Granted

 

 

13,000

 

 

 

38.00

 

 

 

 

 

 

520

 

Vested

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

13,000

 

 

$

38.00

 

 

$

10.0

 

 

$

520

 

Awards Nonvested at March 31, 2026

 

 

13,000

 

 

$

38.00

 

 

$

10.0

 

 

$

520