At the Company has stock incentive plans, which are described below. The compensation cost that has been charged against income for the plans was approximately and for the years ended and respectively.

 

The Company’s Stock Incentive Plan (the Plan”), originally permitted the grant of stock options to its officers, employees, directors and organizers of the Company for up to shares of common stock. However, upon stockholder approval during the Plan was amended in order to allow the Company to grant stock options for up to shares of common stock. Both incentive stock options and non-qualified stock options be granted under the Plan. Option awards are generally granted with an exercise price equal to the estimated fair market value of the Company’s stock at the date of grant; those option awards vest in varying amounts through and are based on continuous service during that vesting period and have a -year contractual term. Dividends are paid on unexercised options and dividends are subject to vesting. The Plan provides for accelerated vesting if there is a change in control (as defined in the Plan).

 

On the Company’s board of directors adopted the Stock Incentive Plan (the Plan”), which was effective upon approval by the stockholders at the Annual Meeting of Stockholders. The Plan originally permitted the grant of up to shares of common stock. However, upon stockholder approval during the Plan was amended in order to allow the Company to grant stock options for up to shares of common stock. The Plan authorizes the grant of stock appreciation rights, restricted stock, incentive stock options, non-qualified stock options, non-stock share equivalents, performance shares or performance units and other equity-based awards. Option awards are generally granted with an exercise price equal to the estimated fair market value of the Company’s stock at the date of grant.

 

As of there are a total of shares available to be granted under the and Plans.

 

Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes-Merton valuation model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. The fair value of each option granted is estimated on the date of grant using the Black-Scholes-Merton model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate and expected life of options granted.

 

The assumptions used in determining the fair value of and stock option grants were as follows:

 

		2017				2016				2015
Expected price volatility			29.00	%			29.00	%			24.00	%
Expected dividend yield			0.44	%			0.64	%			0.71	%
Expected term (in years)			6				6				6
Risk-free rate			2.08	%			1.85	%			1.85	%

 

The weighted average grant-date fair value of options granted during the years ended and was and respectively.

 

The following tables summarize stock option activity:

 

		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
														(In Thousands)
Year Ended December 31, 2017:
Outstanding at beginning of year			2,026,334			$	9.00				6.2			$	57,636
Granted			58,000				37.59				9.1				227
Exercised			(385,500	)			4.96				4.0				14,087
Forfeited			(32,000	)			21.96				8.1				625
Outstanding at end of year			1,666,834			$	10.68				5.5			$	51,377
Exercisable at December 31, 2017			808,236			$	5.22				3.9			$	29,321
Year Ended December 31, 2016:
Outstanding at beginning of year			2,498,834			$	6.66				6.3			$	42,746
Granted			241,000				20.15				9.1				4,166
Exercised			(682,500	)			4.28				3.9				22,629
Forfeited			(31,000	)			11.04				6.8				818
Outstanding at end of year			2,026,334			$	9.00				6.2			$	57,636
Exercisable at December 31, 2016			928,536			$	5.08				4.8			$	30,051
Year Ended December 31, 2015:
Outstanding at beginning of year			3,245,834			$	4.69				5.9			$	38,256
Granted			324,000				16.63				9.2				2,311
Exercised			(1,051,000	)			3.62				2.7				21,177
Forfeited			(20,000	)			8.40				7.1				-
Outstanding at end of year			2,498,834			$	6.66				6.3			$	42,746
Exercisable at December 31, 2015			410,836			$	4.84				5.4			$	7,775

 

Exercisable options at were as follows:

 

Range of Exercise Price				Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
																	(In Thousands)
$	4.17				145,336			$	4.17				2.4			$	5,426
	5.00				483,500				5.00				3.8				17,648
	5.50				120,000				5.50				5.2				4,320
	6.92				45,000				6.92				6.0				1,556
	15.74				14,400				15.74				7.1				371
					808,236				5.22				3.9			$	29,321

 

As of there was of total unrecognized compensation cost related to non-vested stock options. As of non-vested stock options had a weighted average remaining time to vest of years. The total fair value of stock options vested during the years ended and was and respectively.

 

 

The Company periodically grants restricted stock awards that vest upon service conditions. Dividend payments are made during the vesting period. The value of restricted stock is determined to be the current value of the Company’s stock, and this total value will be recognized as compensation expense over the vesting period. As of there was of total unrecognized compensation cost related to non-vested restricted stock. As of non-vested restricted stock had a weighted average remaining time to vest of year.

 

The Company has a retirement savings (k) and profit-sharing plan in which all employees age and older participate after completion of year of service. For employees in service with the Company at the length of service and age requirements were waived. The Company matches employees’ contributions based on a percentage of salary contributed by participants and make additional discretionary profit sharing contributions. The Company’s expense for the plan was and for and respectively.