v3.26.1
Note 4 - Stock-based Compensation and Shareholders' Equity (Tables)
6 Months Ended
Jun. 30, 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 Six Months Ended June 30,

 

 

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 six months ended June 30, 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

 

 

 

 

 

$

2,251

 

Granted

 

 

37,000

 

 

 

38.00

 

 

 

 

 

 

216

 

Exercised

 

 

(31,520

)

 

 

32.00

 

 

 

 

 

 

373

 

Forfeited

 

 

(1,950

)

 

 

32.50

 

 

 

 

 

 

22

 

Outstanding at June 30, 2026

 

 

179,675

 

 

$

32.32

 

 

 

7.51

 

 

$

2,072

 

Exercisable at June 30, 2026

 

 

51,315

 

 

$

31.85

 

 

 

4.99

 

 

$

616

 

 

 

 

 

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

 

Restricted Stock Award Activity

Restricted stock award activity during the six months ended June 30, 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

 

 

 

 

 

 

570

 

Vested

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

13,000

 

 

$

38.00

 

 

$

9.7

 

 

$

570

 

Awards Nonvested at June 30, 2026

 

 

13,000

 

 

$

38.00

 

 

$

9.7

 

 

$

570