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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan
Number of
shares
Weighted
average
grant
date fair
value
Unvested at December 31, 2023529,862 $11.42 
Granted88,499 9.09 
Vested(67,844)17.44 
Vested shares forgone to satisfy minimum statutory withholding(38,656)17.44 
Forfeitures(3,500)13.25 
Unvested at March 31, 2024508,361 $9.74 
Three Months Ended March 31,
20242023
0
Weighted average grant date fair value of awards granted$9.09 $— 
Total fair value of shares vested$641,823 $273,994 
Total fair value of shares forgone to satisfy minimum statutory withholding$365,697 $167,251 
Schedule of Share-based Payment Arrangement, Option, Activity
2014 Plan (Options)Number
of Authorized
Shares
Weighted-
Average Exercise
Price
Weighted-
Average
Remaining
Contractual Term (in Years)
Aggregate
Intrinsic Value
Outstanding at December 31, 2023657,346 $6.69 4.16$2,983,514 
Forfeitures and expirations(500)18.44 
Outstanding at March 31, 2024656,846 $6.68 3.91$2,099,944 
Exercisable at March 31, 2024656,846 $6.68 3.91$2,099,944 
Aggregate Intrinsic Value = Excess of market value over the option exercise price of all in-the-money stock options.
2021 Plan (Options)Number
of Authorized
Shares
Weighted-
Average Exercise
Price
Weighted-
Average
Remaining
Contractual Term (in Years)
Aggregate
Intrinsic Value
Outstanding at December 31, 20231,051,673 $11.05 8.79$1,207,118 
Granted152,927 8.97 
Forfeitures and expirations(31,291)9.73 
Outstanding at March 31, 2024 (a)1,173,309 $10.81 8.71$— 
Exercisable at March 31, 2024 (a)309,597 $14.31 7.60$— 
(a) Aggregate Intrinsic Value - no exercisable options were in-the-money as of March 31, 2024
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
Three Months Ended March 31,
Stock Options:2024
Expected volatility
50% to 51%
Risk free interest rate
4.25% to 4.28%
Expected lives at date of grant (in years)4.06
Weighted average fair value of options granted$3.97
Total intrinsic value of options exercised$—