Stock Options and Restricted Stock (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the 2024 first quarter and the 2023 full year.

	Number of Options				Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2022		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		959,522		$	2.14 - 9.38		$	6.51
Granted		—				—		—
Cancelled		(85	)			4.89		4.89
Exercised (1)		(13,383	)		4.89 - 7.25			6.61
Outstanding at March 31, 2024 (2)		946,054		$	2.14 - 9.38		$	6.51
Options exercisable at:
December 31, 2023		697,647			2.14 - 9.38		$	6.51
March 31, 2024 (2)		857,609		$	2.14 - 9.38		$	6.52

(1)The aggregate intrinsic value of exercised options, 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 less than $0.1 million for the three months ended March 31, 2024 and was $0.1 million for the year ended December 31, 2023.

(2)The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at March 31, 2024 and the related exercise price of the underlying options, was $1.3 million for outstanding options and $1.2 million for vested options as of March 31, 2024. The remaining contractual life was 5.9 years for outstanding options and 5.8 years for vested options at March 31, 2024.

Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans described above for the 2024 first quarter.

	Number of Options				Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2023		261,875		$	4.89 - 7.25		$	6.49
Granted		—				—		—
Cancelled		—				—		—
Vested		(173,430	)		4.89 - 7.25			6.56
Outstanding at March 31, 2024		88,445		$	4.89 - 7.25		$	6.37

Summary of Activity for Restricted Stock Programs

The following table presents the activity for the restricted stock programs for the 2024 first, quarter and the 2023 full year.

	Number of Shares				Grant Price Per Share		Weighted Average Grant Price
Outstanding at December 31, 2022		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		995,376		$	4.89 - 9.37		$	7.74
Granted		296,178				8.97		8.97
Cancelled		(1,208	)		6.86 - 9.37			8.13
Vested (1)		(400,985	)		4.89 - 8.40			7.69
Outstanding at March 31, 2024 (2)		889,361		$	4.89 - 9.37		$	8.18

(1)The aggregate fair value of the restricted stock vested was $2.7 million for the three months ended March 31, 2024 and $2.1 million for the year ended December 31, 2023.

(2)The aggregate fair value of the restricted stock was $7.0 million as of March 31, 2024. The remaining vesting period was 2.9 years at March 31, 2024.