Quarterly report pursuant to Section 13 or 15(d)

Capital Stock, Stock Plans and Stock Based Compensation (Tables)

Capital Stock, Stock Plans and Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Options Valuation Assumptions

		Outside Director Stock Options Granted
		May 4, 2021
Weighted-average fair value per option	$	4.97
Risk -free interest rate ⁽¹⁾		1.61	%
Expected volatility of stock ⁽²⁾		55.91	%
Dividend yield		None
Expected option life ⁽³⁾		10.0 years

⁽¹⁾	The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option.

⁽²⁾	The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option.

⁽³⁾	The expected option life is based on historical exercises and post-vesting data.

Schedule of Share-based Compensation, Allocation of Recognized Period Costs

The following table summarizes stock-based compensation recognized for the three and six months ended June 30, 2021 and 2020 for our employee and director stock options.

	2021		2020		2021		2020
	Three Months Ended				Six Months Ended
Stock Options	June 30,				June 30,
	2021		2020		2021		2020
Employee Stock Options	$	33,000	$	33,000	$	66,000	$	65,000
Director Stock Options		9,000		15,000		21,000		27,000
Total	$	42,000	$	48,000	$	87,000	$	92,000
Stock-based compensation	$	42,000	$	48,000	$	87,000	$	92,000

Schedule of Stock Options Roll Forward

The summary of the Company’s total Stock Option Plans as of June 30, 2021 and June 30, 2020, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan, the 2017 Plans and the 2003 Plan:

Schedule of Stock Options Roll Forward

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ⁽⁴⁾
Options outstanding January 1, 2021		658,400		$	3.87
Granted		6,000		$	7.50
Exercised		(500	)	$	3.15			$	2,175
Forfeited/expired		(1,500	)	$	3.15
Options outstanding end of period ⁽¹⁾		662,400		$	3.90		3.1	$	2,153,595
Options exercisable at June 30, 2021⁽²⁾		391,900		$	4.08		3.1	$	1,202,495

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ⁽⁴⁾
Options outstanding January 1, 2020		681,300		$	3.84
Granted		6,000		$	7.00				16,060
Exercised		(12,500	)	$	3.47
Forfeited/expired		(20,000	)	$	3.45
Options outstanding end of period ⁽³⁾		654,800		$	3.88		3.7	$	1,685,031
Options exercisable as of June 30, 2020⁽³⁾		306,800		$	4.20		3.6	$	711,306

⁽¹⁾	Options with exercise prices ranging from $2.79 to $7.50

⁽²⁾	Options with exercise prices ranging from $2.79 to $7.29

⁽³⁾	Options with exercise prices ranging from $2.79 to $8.40

⁽⁴⁾	The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price.