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Stock Options and Restricted Stock (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Assumption Categories Used to Determine Value of Option Grants The following assumption categories are used to determine the value of any option grants.

 

Year Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Risk free interest rate

 

 

—

 

 

 

—

 

 

 

0.97

%

Expected dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

Expected life of option in years (1)

 

 

—

 

 

 

—

 

 

 

6.25

 

Expected volatility (2)

 

 

—

 

 

 

—

 

 

 

53.98

%
(1)
Expected life is calculated using the simplified method.
(2)
The Company determines its expected volatility based on the Company's historical volatility.
Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the years ended December 31, 2023, 2022, and 2021.

 

Number of
Options

 

 

 

Exercise
Price Per
Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2020 (2)

 

 

951,669

 

 

 

2.14 - 12.55

 

 

 

6.41

 

Granted

 

 

317,398

 

 

 

 

6.79

 

 

 

6.79

 

Cancelled

 

 

(113,310

)

 

 

4.89 - 11.53

 

 

 

6.64

 

Exercised (1)

 

 

(44,070

)

 

 

5.21 - 7.25

 

 

 

5.58

 

Outstanding at December 31, 2021 (2)

 

 

1,111,687

 

 

 

2.14-12.55

 

 

 

6.41

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(26,093

)

 

 

4.89 - 12.55

 

 

 

7.08

 

Exercised (1)

 

 

(23,745

)

 

 

4.89 - 7.25

 

 

 

6.51

 

Outstanding at December 31, 2022 (2)

 

 

1,061,849

 

 

 

2.14 - 9.38

 

 

 

6.51

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(33,382

)

 

 

4.89 - 9.38

 

 

 

6.80

 

Exercised (1)

 

 

(68,945

)

 

 

4.89 - 7.25

 

 

 

6.44

 

Outstanding at December 31, 2023 (2)

 

 

959,522

 

 

$

2.14 - 9.38

 

 

$

6.51

 

Options exercisable at

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

320,922

 

 

 

2.14-12.55

 

 

$

6.53

 

December 31, 2022

 

 

548,426

 

 

 

2.14 - 9.38

 

 

 

6.51

 

December 31, 2023

 

 

697,647

 

 

 

2.14 - 9.38

 

 

 

6.51

 
(1)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was $0.1 million, $0.1 million, and $0.2 million for the years ended December 31, 2023, 2022, and 2021.
(2)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at December 31, 2023 and the related exercise price of the underlying options, was $3.2 million for outstanding options and $2.3 million for exercisable options as of December 31, 2023. The remaining contractual life was 6.1 years for outstanding options and 5.9 years for exercisable options at December 31, 2023.
Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans for the year ended December 31, 2023.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2022

 

 

513,423

 

 

$

4.89 - 7.25

 

 

$

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(3,336

)

 

 

4.89 - 7.25

 

 

 

5.51

 

Vested

 

 

(248,212

)

 

 

4.89 - 7.25

 

 

 

6.55

 

Outstanding at December 31, 2023

 

 

261,875

 

 

$

4.89 - 7.25

 

 

$

6.49

 
Summary of Activity for Restricted Stock Programs

The following table presents the activity for the restricted stock programs for the years ended December 31, 2023, 2022, and 2021.

 

Number of
Shares

 

 

 

Grant
Price Per
Share

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2020

 

 

416,140

 

 

 

4.39 - 7.25

 

$

6.24

 

Granted

 

 

258,120

 

 

 

6.79 - 8.40

 

 

7.38

 

Cancelled

 

 

(21,940

)

 

 

4.89 - 7.25

 

 

5.98

 

Vested (1)

 

 

(158,994

)

 

 

4.39 - 7.25

 

 

6.16

 

Outstanding at December 31, 2021 (2)

 

 

493,326

 

 

 

4.89 - 7.25

 

 

6.87

 

Granted

 

 

522,475

 

 

 

6.86 -7.68

 

 

7.46

 

Cancelled

 

 

(29,373

)

 

 

4.89 - 8.40

 

 

7.32

 

Vested (1)

 

 

(129,140

)

 

 

4.89 - 7.25

 

 

6.53

 

Outstanding at December 31, 2022 (2)

 

 

857,288

 

 

$

4.89 - 7.25

 

 

7.27

 

Granted

 

 

399,793

 

 

 

7.67 - 9.37

 

 

8.34

 

Cancelled

 

 

(12,807

)

 

 

4.89 - 8.40

 

 

7.24

 

Vested (1)

 

 

(248,898

)

 

 

4.89 - 7.68

 

 

7.10

 

Outstanding at December 31, 2023 (2)

 

 

995,376

 

 

$

4.89 - 9.37

 

$

7.74

 
(1)
The aggregate fair value of the restricted stock vested was $2.1 million, $1.0 million, and $1.1 million for the years ended December 31, 2023, 2022, and 2021.
The aggregate fair value of the restricted stock was $9.8 million as of December 31, 2023. The remaining vesting period was 2.2 years at December 31, 2023.