v3.26.1
Stock Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
The following table presents stock option information for the period and at the dates indicated:
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual
Life in Years
Outstanding Options at December 31, 2025223,794 $24.13 6.1
Granted— — 
Exercised(13,802)24.69 
Forfeited— — 
Outstanding Options at March 31, 2026209,992 $24.10 5.8
Exercisable Options at March 31, 2026130,633 $24.98 5.0
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Service Period in Years
Nonvested Options at March 31, 202679,359 $22.65 7.3
The following table presents restricted stock award information for the period indicated:
Number of SharesWeighted Average Grant Date Fair Value PriceWeighted Average Remaining Service Period in Years
Nonvested Restricted Stock at December 31, 202565,866 $25.83 3.1
Granted30,425 36.83 
Vested(16,570)25.56 
Forfeited— — 
Nonvested Restricted Stock at March 31, 202679,721 $30.08 3.4
The Company recognizes expense over a five-year vesting period for the restricted stock awards and stock options. Stock-based compensation expense related to restricted stock awards and stock options was $212,000 and $223,000 for the three months ended March 31, 2026 and 2025.
As of March 31, 2026 and December 31, 2025, total unrecognized compensation expense was $350,000 and $397,000, respectively, related to stock options, and $2.3 million and $1.3 million, respectively, related to restricted stock awards.
Intrinsic value represents the amount by which the fair value of the underlying stock at March 31, 2026 and December 31, 2025 exceeds the exercise price of the stock options. The intrinsic value of stock options was $2.1 million and $2.4 million at March 31, 2026 and December 31, 2025, respectively.
At March 31, 2026 and December 31, 2025, there were 231,840 and 262,265 shares of common stock available and reserved under the 2024 Plan to be issued as restricted stock awards or units based on the terms of the Plan. At March 31, 2026, 55,660 shares have been granted under the 2024 Plan. The 2021 Plan shall remain in effect as long as any awards are outstanding, but as a result of the approval of the 2024 Plan, no more awards can be granted under the 2021 Plan.