Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and June 30, 2023, respectively:

	For the Six Months Ended
	June 30, 2024	June 30, 2023
Dividend yield	N/A(1)		0.00	%
Risk-free interest rate	N/A(1)		3.59	%
Expected volatility	N/A(1)		24.64	%
Weighted average expected life (years)	N/A(1)		6.5
Weighted average per share value of options	N/A(1)	$	3.37

(1) There were no stock options granted during the six months ended June 30, 2024.

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the six months ended June 30, 2024 is presented below.

Stock Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining in Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding December 31, 2023		600,110	$	8.30		7.49	$	238,951
Granted		—		—	N/A		N/A
Exercised		—		—	N/A		N/A
Forfeited		6,000		10.05	N/A		N/A
Vested shares expired		10,917		6.55	N/A		N/A
Outstanding June 30, 2024		583,193	$	8.32	7.09		512,573
Options exercisable at June 30, 2024	272,931		$	7.13	6.20		413,069

Summary of Nonvested Stock option Activity

The following table summarizes information about the Company’s nonvested stock option activity for the six months ended June 30, 2024:

Stock Options	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023		370,292		$	2.94
Granted		—			—
Vested(1)		(54,030	)		1.72
Forfeited		(6,000	)		3.56
Nonvested at June 30, 2024		310,262		$	3.14

(1)Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company’s President and Chief Executive Officer.

Summary of Restricted Stock Unit Activity

The following table summarizes information about the Company’s restricted stock activity for the six months ended June 30, 2024:

Restricted Stock	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023		144,297		$	8.95
Granted		—			—
Vested(1)(2)		(21,055	)		6.51
Forfeited		(2,000	)		10.05
Nonvested at June 30, 2024		121,242		$	9.36

(1)Includes 262 shares vested under a restricted stock inducement award to the Company’s President and Chief Executive Officer.

(2)Includes 3,420 shares surrendered by employees to cover payroll tax costs related to the vested shares.