Accounting for Share-Based Payments (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The weighted-average assumptions used in the Black-Scholes option-pricing model and weighted-average grant date fair value for options granted in 2020 are as follows:
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Grant Date |
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February 5, 2020 |
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June 30, 2020 |
| Weighted-average assumptions used: |
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| Expected volatility |
35.1 |
% |
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38.7 |
% |
| Dividend yield |
1.79 |
% |
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1.89 |
% |
| Risk-free interest rate |
1.66 |
% |
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0.64 |
% |
| Expected term, in years |
10 |
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10 |
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| Weighted-average grant date fair value |
$ |
4.53 |
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$ |
2.59 |
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| Schedule of Activity in the Company’s Stock Option Plans |
A summary of activity for the 2011 Plan is as follows:
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Weighted
Average
Exercise
Price |
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Options
Outstanding |
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Weighted
Average
Contractual
Term
(in years) |
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Intrinsic
Value of
Options |
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| December 31, 2019 |
$ |
14.26 |
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55,468 |
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3.8 |
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$ |
18,331 |
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| Granted February 5, 2020 |
13.00 |
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123,500 |
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| Granted June 30, 2020 |
7.33 |
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20,000 |
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| Exercised |
— |
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— |
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| Canceled, forfeited, or expired |
13.14 |
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(19,437) |
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| December 31, 2020 |
$ |
12.74 |
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179,531 |
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7.2 |
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$ |
9,402 |
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| Exercised |
12.71 |
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(13,174) |
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| Canceled, forfeited, or expired |
13.33 |
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(22,529) |
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| December 31, 2021 |
$ |
13.04 |
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143,828 |
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6.0 |
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$ |
487,011 |
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| Exercisable options |
$ |
13.05 |
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129,163 |
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5.8 |
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$ |
436,637 |
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| Options expected to vest: |
Weighted
Average
Exercise
Price |
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Options
Outstanding |
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Weighted
Average
Contractual
Term
(in years) |
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Grant Date Fair Value |
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| December 31, 2019 |
$ |
16.01 |
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3,723 |
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5.1 |
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$ |
6.11 |
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| Granted February 5, 2020 |
13.00 |
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123,500 |
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4.53 |
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| Granted June 30, 2020 |
7.33 |
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20,000 |
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2.59 |
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| Vested |
13.24 |
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(34,786) |
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4.68 |
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| Canceled, forfeited, or expired |
13.14 |
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(19,437) |
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4.62 |
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| December 31, 2020 |
$ |
11.78 |
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93,000 |
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9.2 |
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$ |
5.53 |
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| Vested |
10.83 |
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(55,806) |
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3.72 |
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| Canceled, forfeited, or expired |
13.33 |
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(22,529) |
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4.80 |
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| December 31, 2021 |
$ |
13.00 |
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14,665 |
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8.1 |
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$ |
4.99 |
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| Schedule of Stock Options by Exercise Price Range |
The following table summarizes information about stock options outstanding as of December 31, 2021:
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| Range of Exercise Prices |
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Outstanding Stock Options |
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Exercisable Stock Options |
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Shares |
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Weighted Average |
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Shares |
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Weighted Average Exercise Price |
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Exercise Price |
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Remaining Contractual Life in Years |
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| $ |
11.35 |
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9,068 |
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$ |
11.35 |
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0.1 |
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9,068 |
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$ |
11.35 |
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| 13.70 |
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12,370 |
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13.70 |
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1.1 |
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12,370 |
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13.70 |
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| 14.76 |
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8,109 |
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14.76 |
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2.1 |
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8,109 |
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14.76 |
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| 16.01 |
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18,447 |
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16.01 |
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3.1 |
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18,447 |
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16.01 |
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| 13.00 |
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85,834 |
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13.00 |
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8.1 |
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71,169 |
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13.00 |
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| $ |
7.33 |
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10,000 |
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$ |
7.33 |
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8.5 |
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10,000 |
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$ |
7.33 |
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143,828 |
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129,163 |
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| Schedule of Stock Awards Plan Activity |
A summary of plan activity for the 2015 Plan is as follows:
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Shares |
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Weighted Average
Grant Date Fair Value |
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| Outstanding December 31, 2019 |
100,775 |
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$ |
13.28 |
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| Granted February 5, 2020 |
45,418 |
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13.00 |
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| Granted November 10, 2020 |
50,000 |
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5.65 |
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| Vested |
(81,233) |
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12.87 |
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| Forfeited |
(17,535) |
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13.11 |
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| Outstanding December 31, 2020 |
97,425 |
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$ |
11.97 |
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| Granted February 10, 2021 |
15,181 |
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8.57 |
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| Granted October 28, 2021 |
6,751 |
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11.11 |
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| Granted November 15, 2021 |
751 |
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13.32 |
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| Vested |
(64,398) |
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9.25 |
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| Forfeited |
(12,129) |
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10.54 |
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| Outstanding December 31, 2021 |
43,581 |
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$ |
9.82 |
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Units |
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Weighted-Average Grant Date Fair Value |
| Outstanding December 31, 2020 |
— |
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$ |
— |
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| Granted |
53,696 |
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6.35 |
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| Vested |
(12,516) |
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2.35 |
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| Forfeited/Canceled |
(10,324) |
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5.96 |
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| Outstanding December 31, 2021 |
30,856 |
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$ |
8.11 |
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| Schedule of Nonvested Performance- based Units Activity |
A summary of the status of our performance-based restricted stock awards as of December 31, 2021, and changes during fiscal 2021, were as follows:
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Units |
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Weighted-Average Grant Date Fair Value |
| Outstanding December 31, 2019 |
77,986 |
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$ |
13.66 |
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Granted1
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36,647 |
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13.00 |
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Vested2
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(64,711) |
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13.21 |
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| Forfeited |
(20,558) |
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13.73 |
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| Outstanding December 31, 2020 |
29,364 |
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$ |
13.76 |
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Granted3
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90,000 |
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0.69 |
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| Vested |
(116,260) |
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3.66 |
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| Forfeited |
(3,104) |
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12.99 |
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| Outstanding December 31, 2021 |
— |
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$ |
— |
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1 Contingent shares granted excluded from 2020
2 Excludes the vesting of an additional 5,074 shares due to performance conditions of the awards exceeding target.
3 Contingent shares granted in prior year included in 2021
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