Equity Plan (Tables)

12 Months Ended

Dec. 31, 2023

Equity Plan

Schedule of stock option activity under the Equity Plans

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
Total Stock Options	of Shares	Price		Life (Years)	Value
Outstanding at January 1, 2023	2,527,173	$	10.44
Granted	397,000	$	7.45
Exercised	(220,666)	$	5.53
Forfeited or expired	(66,151)	$	10.26
Outstanding at December 31, 2023	2,637,356	$	10.40	5.59	$	2,664,557
Vested or expected to vest	2,479,115			5.59	$	2,504,684
Exercisable at December 31, 2023	1,947,357			4.51	$	1,811,470

Schedule of information related to the Equity Plans

	December 31,
	2023		2022		2021
Intrinsic value of options exercised	$	805,334	$	1,674,072	$	1,543,711
Cash received from option exercise	$	1,219,286	$	2,049,587	$	1,469,255
Tax benefit realized from option exercises	$	20,527	$	180,414	$	153,745
Weighted average fair value of options granted	$	1.34	$	2.22	$	2.31

Schedule of assumptions used to estimate the fair value of each option grant on the date of grant

	December 31,
	2023		2022		2021
Expected life in months(1)	72		72		72
Volatility(1)	35	%	31	%	33	%
Weighted average risk-free interest rate(2)	3.52	%	2.89	%	1.10	%
Expected dividends(3)	6.98	%	4.68	%	4.32	%

(1) The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding based on historical experience. Volatility is based on the historical volatility of the stock price over the same period of the expected life of the option.

(2) Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option granted.

(3) Each grant’s dividend yield is calculated by annualizing the most recent quarterly cash dividend and dividing that amount by the market price of the Company’s common stock as of the grant date

Schedule of restricted stock activity under Equity Plans

		Weighted
		Average Grant
	Number	Date Fair
Total Restricted Stock Award	of Shares	Value
Nonvested shares at January 1, 2023	253,491	$	11.05
Granted	73,446	$	7.53
Vested	(141,524)	$	7.82
Nonvested shares at December 31, 2023	185,413	$	10.87

Schedule of restricted stock units under the Equity Plans

		Weighted
		Average Grant
	Number	Date Fair
Total RSUs	of Shares	Value
Nonvested shares at January 1, 2023	—	$	—
Granted	119,362	$	7.41
Nonvested shares at December 31, 2023	119,362	$	7.41

Schedule of performance based restricted stock units under the Equity Plans

		Weighted
		Average Grant
	Number	Date Fair
Total PRSUs	of Shares	Value
Nonvested shares at January 1, 2023	—	$	—
Granted	119,358	$	7.41
Nonvested shares at December 31, 2023	119,358	$	7.41