Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions for Options Granted

The following assumptions were used in the option valuation model for options granted during the years ended December 31, as follows:

	2022	2021	2020
Expected approximate volatility	60%	60%	38%
Expected dividends	None	None	None
Expected term (in years)	7	7	7
Risk-free rate	2.12% - 4.04%	0.72% - 1.17%	0.44% - 1.19%

Schedule of Options Granted and Range in Vesting Periods

A summary of the options granted and the range in vesting periods based on specific provisions within the option agreements during the years ended December 31, are as follows:

	2022	2021	2020
Options granted	315,881	262,097	1,449,779
Vesting period (in years)	4	4	4 - 5

Schedule of Vested Stock Options

The following table sets forth the activities of the Company’s outstanding stock options for the years ended December 31, 2022, 2021 and 2020.

Outstanding options	Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price
Outstanding at January 1, 2020	1,228,399	$	0.96	$	2.91
Granted	1,449,779	4.49		11.20
Exercised	(359,987)	0.69		2.33
Forfeited/expired	(68,580)	1.32		3.85
Outstanding at December 31, 2020	2,249,611	3.25		8.32
Granted	262,097	6.90		11.75
Exercised	(577,719)	0.96		2.95
Forfeited/expired	(377,503)	4.08		10.03
Outstanding at December 31, 2021	1,556,486	4.51		10.47
Granted	315,881	7.30		12.09
Exercised	(136,998)	2.20		5.93
Forfeited/expired	(436,960)	4.79		10.97
Outstanding at December 31, 2022	1,298,409	7.25		11.18

Schedule of Nonvested Stock Options

A summary of the status of the activities of the Company’s nonvested stock options for the years ended December 31, 2022, 2021 and 2020 is as follows.

Nonvested options	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020	1,148,301	$	0.95
Granted	1,449,779	4.49
Vested	(496,464)	0.08
Forfeited	(68,580)	1.32
Nonvested at December 31, 2020	2,033,036	3.49
Granted	262,097	6.90
Vested	(506,299)	1.23
Forfeited	(377,503)	4.08
Nonvested at December 31, 2021	1,411,331	4.77
Granted	315,881	7.30
Vested	(314,462)	4.17
Forfeited	(321,682)	4.86
Nonvested at December 31, 2022	1,091,068	5.65

Schedule of Nonvested Restricted Stock Units Activity

The following table sets forth the activities of the Company’s RSUs for the years ended December 31, 2022, 2021 and 2020.

Non-vested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020	—	$	—
Granted	1,665,968	11.16
Vested	(4,960)	10.08
Forfeited	(25,259)	11.66
Nonvested at December 31, 2020	1,635,749	11.15
Granted	558,193	11.96
Vested (1)	(343,579)	10.82
Forfeited	(256,634)	10.87
Nonvested at December 31, 2021	1,593,729	11.55
Granted	569,600	12.16
Vested (2)	(383,088)	11.51
Forfeited	(361,532)	11.03
Nonvested at December 31, 2022	1,418,709	11.94

(1) Includes 154,641 RSUs that are vested and not issued.

(2) Includes 273,358 RSUs that are vested and not issued.