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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award Additional General Disclosures [Abstract]  
Schedule of Weighted Average Assumptions used in Black-Scholes Model for Valuing Stock Option Grants The weighted average assumptions used in the Black-Scholes model for valuing stock option grants were as follows.

 

December 31

 

 

 

2021

 

 

 

2020

 

 

 

 

 

 

 

Dividend yield

 

0.00

%

 

 

0.00

%

Expected volatility

 

36.62

%

 

 

25.40

%

Risk-free interest rate

 

1.04

%

 

 

0.53

%

Expected average life

 

7.5

 

 

 

7.5

 

Weighted average per share fair value

$

5.34

 

 

$

2.02

 
Summary of Stock Option Activity

A summary of the Company's stock option activity is summarized below.

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Option Shares Outstanding

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Life (Years)

 

 

Aggregate Intrinsic Value (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Outstanding - January 1, 2020

 

 

324,916

 

 

$

11.14

 

 

 

9.30

 

 

 

—

 

 Granted

 

 

130,588

 

 

 

7.77

 

 

 

 

 

 

 

Exercise of stock options*

 

 

—

 

 

—

 

 

 

 

 

 

 

 Forfeited

 

 

(133,988

)

 

 

—

 

 

 

 

 

 

 

 Outstanding - December 31, 2020

 

 

321,516

 

 

$

9.77

 

 

 

8.60

 

 

$

203

 

 Exercisable - December 31, 2020

 

 

38,186

 

 

$

11.14

 

 

 

8.20

 

 

$

—

 

 Granted

 

 

13,454

 

 

$

13.09

 

 

 

 

 

 

 

Exercise of stock options*

 

 

 

 

—

 

 

 

 

 

 

 

 Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 Outstanding - December 31, 2021

 

 

334,970

 

 

$

9.90

 

 

 

7.80

 

 

$

676

 

 Exercisable - December 31, 2021

 

 

102,489

 

 

$

10.28

 

 

 

7.57

 

 

$

274

 

* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements.

Summary of Restricted Stock Activity A summary of the Company's restricted stock activity is summarized below.

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

 

 

 

 

Weighted Average Grant Date Fair Value

 

 

Restricted Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 Outstanding - January 1, 2020

 

 

 

 

 

$

10.10

 

 

 

120,588

 

 Granted

 

 

 

 

 

 

7.05

 

 

 

64,666

 

Vested*

 

 

 

 

 

 

—

 

 

 

(13,865

)

 Forfeited

 

 

 

 

 

 

—

 

 

 

(51,266

)

 Outstanding - December 31, 2020

 

 

 

 

 

$

8.63

 

 

 

120,123

 

 Granted

 

 

 

 

 

$

—

 

 

 

—

 

Vested*

 

 

 

 

 

 

—

 

 

 

(26,787

)

 Forfeited

 

 

 

 

 

 

—

 

 

 

—

 

 Outstanding - December 31, 2021

 

 

 

 

 

$

8.63

 

 

 

93,336

 

*The terms of the restricted stock agreements permit the surrender of shares of the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 2,641 shares were surrendered during the year ended December 31, 2021.