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Stock Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
Share-based Payment Arrangement [Abstract]  
Summary of Assumptions Used in Estimating the Fair Value of Options Granted The following assumptions were used in estimating the fair value of options granted during the three months ended March 31, 2023 and March 31, 2022, respectively:

 

 

For the Three Months Ended

 

March 31,
2023

 

 

March 31,
2022

 

 

 

 

 

 

Dividend yield

 

 

0.00

%

 

N/A (1)

Risk-free interest rate

 

 

3.59

%

 

N/A (1)

Expected volatility

 

 

24.64

%

 

N/A (1)

Weighted average expected life (years)

 

 

6.50

 

 

N/A (1)

Weighted average per share value of options

 

$

3.37

 

 

N/A (1)

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the three months ended March 31, 2023 is presented below.

 

Stock Options

 

Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining in Contractual Term (Years)

 

 

Aggregate Intrinsic Value

 

Outstanding December 31, 2022

 

656,130

 

 

$

8.27

 

 

 

8.69

 

 

$

1,122,214

 

Granted

 

3,000

 

 

 

9.94

 

 

 

6.50

 

 

 

 

Exercised

 

 

 

 

 

 

 

N/A

 

 

N/A

 

Forfeited

 

 

 

 

 

 

 

N/A

 

 

N/A

 

Outstanding March 31, 2023

 

 

659,130

 

 

 

8.27

 

 

8.45

 

 

661,227

 

Options exercisable at March 31, 2023

 

135,983

 

 

 

6.17

 

 

7.14

 

 

302,158

 

Summary of Nonvested Stock option Activity

The following table summarizes information about the Company’s nonvested stock option activity for the three months ended March 31, 2023:

 

Stock Options

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

 

543,306

 

 

$

2.82

 

Granted

 

3,000

 

 

 

3.37

 

Vested(1)

 

 

(23,159

)

 

 

1.61

 

Forfeited

 

 

 

 

 

 

Nonvested at March 31, 2023

 

 

523,147

 

 

$

2.87

 

Summary of Restricted Stock Unit Activity

The following table summarizes information about the Company’s restricted stock activity for the three months ended March 31, 2023:

 

Restricted Stock

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

211,349

 

 

$

8.71

 

Granted

 

 

 

 

 

 

Vested(1)(2)

 

 

(9,286

)

 

 

6.56

 

Forfeited

 

 

 

 

 

 

Nonvested at March 31, 2023

 

 

202,063

 

 

$

8.81