STOCK COMPENSATION (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2021 |
Dec. 31, 2020 |
| Share-based Payment Arrangement [Abstract] |
|
|
| The following table summarizes changes in the number of outstanding stock options |
The
following table summarizes changes in the number of outstanding stock options under the 2011 Incentive Plan over the period December
31, 2020 to June 30, 2021:
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|
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|
| |
|
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|
Weighted
average |
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|
|
Weighted
average |
|
remaining |
| |
|
|
exercise
price |
|
contractual
term |
| |
Options |
|
per
share |
|
in
years |
| Outstanding
– December 31, 2020 |
1,173,190 |
|
$ |
6.52 |
|
3.35 |
| Awarded |
— |
|
|
— |
|
|
| Exercised |
— |
|
|
— |
|
|
| Forfeited |
(103,265) |
|
|
12.43 |
|
|
| Outstanding
– June 30, 2021 |
1,069,925 |
|
|
5.95 |
|
3.14 |
| |
|
|
|
|
|
|
| Exercisable
at June 30, 2021 |
904,263 |
|
$ |
6.20 |
|
2.72 |
| Expected
to vest June 30, 2021 |
1,069,925 |
|
|
5.95 |
|
3.14 |
|
The following
table summarizes changes in the number of outstanding stock options under the Director Plan, Stock Plan and the 2011 Incentive Plan during
the two years ended December 31, 2020.
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|
|
|
|
Weighted
average |
|
|
Weighted
average |
| |
|
|
|
|
exercise
price |
|
|
remaining |
| |
|
Options |
|
|
per
share |
|
|
contractual
term |
| Outstanding
– December 31, 2018 |
|
|
1,380,492 |
|
|
$ |
7.56 |
|
|
4.18 years |
| Awarded |
|
|
100,769 |
|
|
|
2.69 |
|
|
|
| Exercised |
|
|
(151,950 |
) |
|
|
4.08 |
|
|
|
| Forfeited |
|
|
(198,839 |
) |
|
|
9.33 |
|
|
|
| Outstanding –
December 31, 2019 |
|
|
1,130,472 |
|
|
|
7.28 |
|
|
3.48 years |
| Awarded |
|
|
191,301 |
|
|
|
5.10 |
|
|
|
| Exercised |
|
|
(8,000 |
) |
|
|
2.64 |
|
|
|
| Forfeited |
|
|
(140,583 |
) |
|
|
10.90 |
|
|
|
| Outstanding –
December 31, 2020 |
|
|
1,173,190 |
|
|
|
6.52 |
|
|
3.35 years |
| |
|
|
|
|
|
|
|
|
|
|
| Exercisable at
December 31, 2020 |
|
|
877,926 |
|
|
$ |
7.20 |
|
|
2.59 years |
| Expected to vest
December 31, 2020 |
|
|
1,173,190 |
|
|
$ |
6.52 |
|
|
3.35 years |
|
| The fair value of awards issued under the Company’s stock option plan is estimated at grant date using the Black-Scholes option-pricing model. The following table displays the assumptions used in the model. |
|
The fair
value of awards issued under the Company’s stock option plan is estimated at grant date using the Black-Scholes option-pricing
model. The following table displays the assumptions used in the model.
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|
Year
Ended December 31 |
|
| |
|
2020 |
|
|
2019 |
|
| Expected volatility |
|
|
40.2 |
% |
|
|
31.3 |
% |
| Risk free interest rate |
|
|
0.4 |
% |
|
|
2.2 |
% |
| Expected holding period |
|
|
6
years |
|
|
|
6
years |
|
| Dividend yield |
|
|
1.3 |
% |
|
|
3.0 |
% |
|
| The following table summarizes the status of stock options outstanding at December 31, 2020: |
|
Total unrecognized
compensation expense was $222,000 as of December 31, 2020, which is expected to be recognized over the next 2.8 years. The aggregate
intrinsic value of all outstanding options, exercisable options, and options expected to vest (the
amount by which the market price of the stock on the last day of the period exceeded the market price of the stock on the date of grant)
was $437,000 based on the Company’s stock price at December 31, 2020. The intrinsic value of options exercised during the year
was $18,000 in 2020 and $380,000 in 2019. Net cash proceeds from the exercise of all stock options were $0 in 2020 and 2019. The following
table summarizes the status of stock options outstanding at December 31, 2020:
| |
|
|
|
|
Weighted
Average |
|
Weighted |
|
| |
|
|
|
|
Remaining |
|
Average |
|
| Range
of Exercise Prices |
|
Shares |
|
|
Option
Life |
|
Exercise
Price |
|
| $2.50 to $4.99 |
|
|
515,989 |
|
|
4.6 years |
|
$ |
3.75 |
|
| $5.00 to $7.49 |
|
|
353,359 |
|
|
3.6 years |
|
|
6.17 |
|
| $7.50 to $9.99 |
|
|
0 |
|
|
0 years |
|
|
0.00 |
|
| $10.00 to $12.49 |
|
|
244,477 |
|
|
1.2 years |
|
|
11.32 |
|
| $12.50 to $14.15 |
|
|
59,365 |
|
|
0.2 years |
|
|
12.97 |
|
|
| The following table summarizes the changes in the number of deferred stock |
The
following table summarizes the changes in the number of deferred stock shares under the 2011 Incentive Plan over the period December
31, 2020 to June 30, 2021:
| |
|
|
|
Weighted
Average |
| |
|
|
|
Grant
Date |
| |
|
Shares |
|
Fair
Value |
| Outstanding
– December 31, 2020 |
|
272,695 |
|
$ |
3.91 |
| Granted |
|
— |
|
|
— |
| Vested |
|
(95,881) |
|
|
3.72 |
| Forfeited |
|
(78,109) |
|
|
3.56 |
| Outstanding
– June 30, 2021 |
|
98,705 |
|
|
4.36 |
|
The following
table summarizes the changes in the number of deferred stock shares under the Stock Plan and 2011 Incentive Plan over the period from
December 31, 2018 to December 31, 2020:
| |
|
|
|
|
Weighted
Average |
|
| |
|
|
|
|
Grant
Date |
|
| |
|
Shares |
|
|
Fair
Value |
|
| Outstanding
– December 31, 2018 |
|
|
270,066 |
|
|
$ |
4.48 |
|
| Granted |
|
|
161,107 |
|
|
|
2.76 |
|
| Vested |
|
|
(4,575 |
) |
|
|
4.56 |
|
| Forfeited |
|
|
(105,371 |
) |
|
|
3.90 |
|
| Outstanding –
December 31, 2019 |
|
|
321,227 |
|
|
|
3.37 |
|
| Granted |
|
|
95,631 |
|
|
|
5.33 |
|
| Vested |
|
|
(57,952 |
) |
|
|
2.81 |
|
| Forfeited |
|
|
(86,211 |
) |
|
|
4.22 |
|
| Outstanding –
December 31, 2020 |
|
|
272,695 |
|
|
|
3.91 |
|
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