Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Stock Issuances

The following is a summary of stock issuances that occurred during the nine months ended September 30, 2023:

Date of Issue	Employees or Director	Shares Issued		Value of Shares Issued
March 6, 2023	Employees		14,064		82,837
March 7, 2023	Directors		18,000		92,700
March 8, 2023	Employees		18,338		141,753
March 8, 2023	Directors		12,000		92,760
April 11, 2023	Employees		33,000		250,800
June 1, 2023	Directors		17,520		101,591
June 2, 2023	Employees		13,200		93,324
June 2, 2023	Directors		20,100		143,229
July 1, 2023	Employees		10,085		64,443
			156,307		1,063,437

Summary of Common Stock Repurchases

The below table summarizes shares repurchased from employees during the current year through September 30, 2023:

Date of Purchase	Shares Purchased		Closing Price on Date of Purchase
March 6, 2023		3,801	$	5.12
March 8, 2023		3,804	$	5.32
June 2, 2023		1,875	$	4.82
July 1, 2023		1,727	$	5.43
		11,207

Restricted Stock Units Outstanding

The following table contains information regarding restricted stock units during the current year through September 30, 2023:

	September 30, 2023
Outstanding on January 1, 2023		288,904
Units granted during the period		141,800
Vested and issued		(145,100	)
Vested-issued and repurchased for income tax withholding		(11,207	)
Forfeited		(8,450	)
Outstanding on September 30, 2023		265,947

Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted

	Grant date 5/3/2022			Grant date 5/1/2023
Dividend yields		—			—
Expected volatility		55.0	%		55.0	%
Risk free interest rate		3.02	%		3.63	%
Expected life (in years)		6			6
Fair value of the option granted	$	4.13		$	2.87

Compensation expense related to the Company’s stock options was $34 and $136 and $66 and $118 for the three and nine months ended September 30, 2023 and 2022. Additional compensation expense related to Mr. Coffey’s options will be $33 $82 and $28 for the remainder of 2023, 2024 and 2025, respectively.