Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock Based Compensation

Summary of outstanding and exercisable stock options

				Weighted-
		Weighted-		Average
		Average		Remaining
		Exercise		Contractual Term
	Options	Price		(in Years)
Outstanding as of December 31, 2020	706,372	$	15.20	6.44
Granted	128,063		29.61	6.69
Exercised	(35,513)		3.04	-
Forfeited	(20,087)		23.33	-
Outstanding as of December 31, 2021	778,835	$	18.02	5.59
Options vested and exercisable as of December 31, 2021	651,478	$	15.76	5.37
Options vested and expected to vest as of December 31, 2021	778,835	$	18.02	5.59

Schedule of vesting for unvested options

		Weighted-
		Average
		Grant-Date
	Number	Fair Value
Unvested as of December 31, 2020	45,319	$	1.10
Granted	128,063		17.42
Vested	(45,319)		1.10
Forfeited	(706)		17.42
Unvested as of December 31, 2021	127,357	$	17.42

Schedule of valuation assumptions

	December 31, 2021
Expected term in years (1)	4.25
Volatility (2)	78.6	%
Risk-free interest rate (3)	0.71	%
Dividend yield (4)	—	%

(1) The Company estimated the expected term based on the average of the weighted-average vesting period and the contractual term of the stock option awards by utilizing the “simplified method”, as the Company does not have sufficient available historical data to estimate the expected term of these stock option awards.

(2) Volatility was based on a weighting of the Company’s historical volatility and its peer group, which is comprised of companies with similar industry, size, and financial leverage.

(3) The risk-free interest rate was determined by using the United States Treasury rate for the period consistent with the expected option term described above.

(4) The Company’s expected annual dividend yield was zero based on current practice. 

Summary of changes in outstanding restricted stock units

		Weighted-
		Average
		Grant-Date
	Shares	Fair Value
Outstanding as of December 31, 2020	180,001	$	2.12
Granted	105,941		29.61
Forfeited	(23,960)		2.60
Outstanding as of December 31, 2021	261,982	$	13.19