Stock-Based Compensation	9 Months Ended
Sep. 30, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	15.Stock-Based Compensation The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans, which include the balance of shares remaining under the 2022 Long Term Incentive Plan (the “2022 LTIP”), which was approved by shareholders in May of 2022 and authorized 2,175,000 shares, the maximum aggregate number to be issued, plus any shares available for grant under prior long term incentive plans as of the date the 2022 LTIP was approved, and any shares subject to awards granted under the prior plans that expire or are cancelled, forfeited, exchanged, settled in cash or otherwise terminated. In general, the Company’s 2022 LTIP provides for grants of restricted stock, performance based awards and stock options to be issued with a per-share price not less than the fair market value of a share of common stock on the date of grant. Option terms are specified at each grant date but generally are 10 years from the date of issuance. Options generally vest over a three to five-year period. The Company applies a 3.2% and a 5.5% forfeiture rate, which is compounded over the vesting terms of the individual award, to its restricted stock and option grants, respectively, based on historical analysis. In the three months ended September 30, 2023 and 2022, compensation expense related to stock-based awards outstanding was $0.4 million and $1.0 million, respectively. In the nine months ended September 30, 2023 and 2022, compensation expense related to stock-based awards outstanding was $1.8 million and $2.1 million, respectively. In the three months ended September 30, 2023 and 2022, payments related to tax withholding for stock-based compensation for certain officers of the Company was $0.3 million and $0.3 million, respectively. In the nine months ended September 30, 2023 and 2022, payments related to tax withholding for stock-based compensation for certain officers of the Company was $0.5 million and $0.4 million, respectively. In January 2023, certain officers and executives of the Company were awarded a total of 180,833 shares of restricted common stock with a vesting period of three years and a fair value of $3.00 per share. In March 2023, the Company granted certain executives a total of 335,851 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 100% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a three-year performance period. The Company evaluates the probability of achieving this each reporting period. The fair value of all grants awarded in March 2023 was $2.65 per unit. In May 2023, the Company granted an executive of the Company 4,000 shares of restricted common stock with a vesting period of three years and a fair value of $2.50 per share. In May 2023, the Company’s seven independent directors were awarded an aggregate of 238,637 shares of restricted common stock. The shares vested immediately on the date of the grant. The fair value on the date of grant of all shares awarded was $2.64 per share. In July 2023, the Company granted an executive of the Company 12,862 shares of restricted common stock with a vesting period of three years and a fair value of $3.11 per share. In the three and nine months ended September 30, 2023 and 2022, there were no options exercised. At September 30, 2023, total unrecognized compensation expense related to unvested stock was approximately $2.4 million, which is expected to be recognized over a period of approximately 2.0 years.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

15.Stock-Based Compensation

The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans, which include the balance of shares remaining under the 2022 Long Term Incentive Plan (the “2022 LTIP”), which was approved by shareholders in May of 2022 and authorized 2,175,000 shares, the maximum aggregate number to be issued, plus any shares available for grant under prior long term incentive plans as of the date the 2022 LTIP was approved, and any shares subject to awards granted under the prior plans that expire or are cancelled, forfeited, exchanged, settled in cash or otherwise terminated. In general, the Company’s 2022 LTIP provides for grants of restricted stock, performance based awards and stock options to be issued with a per-share price not less than the fair market value of a share of common stock

on the date of grant. Option terms are specified at each grant date but generally are 10 years from the date of issuance. Options generally vest over a three to five-year period.

The Company applies a 3.2% and a 5.5% forfeiture rate, which is compounded over the vesting terms of the individual award, to its restricted stock and option grants, respectively, based on historical analysis.

In the three months ended September 30, 2023 and 2022, compensation expense related to stock-based awards outstanding was $0.4 million and $1.0 million, respectively. In the nine months ended September 30, 2023 and 2022, compensation expense related to stock-based awards outstanding was $1.8 million and $2.1 million, respectively. In the three months ended September 30, 2023 and 2022, payments related to tax withholding for stock-based compensation for certain officers of the Company was $0.3 million and $0.3 million, respectively. In the nine months ended September 30, 2023 and 2022, payments related to tax withholding for stock-based compensation for certain officers of the Company was $0.5 million and $0.4 million, respectively.

In January 2023, certain officers and executives of the Company were awarded a total of 180,833 shares of restricted common stock with a vesting period of three years and a fair value of $3.00 per share.

In March 2023, the Company granted certain executives a total of 335,851 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 100% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a three-year performance period. The Company evaluates the probability of achieving this each reporting period. The fair value of all grants awarded in March 2023 was $2.65 per unit.

In May 2023, the Company granted an executive of the Company 4,000 shares of restricted common stock with a vesting period of three years and a fair value of $2.50 per share.

In May 2023, the Company’s seven independent directors were awarded an aggregate of 238,637 shares of restricted common stock. The shares vested immediately on the date of the grant. The fair value on the date of grant of all shares awarded was $2.64 per share.

In July 2023, the Company granted an executive of the Company 12,862 shares of restricted common stock with a vesting period of three years and a fair value of $3.11 per share.

In the three and nine months ended September 30, 2023 and 2022, there were no options exercised.

At September 30, 2023, total unrecognized compensation expense related to unvested stock was approximately $2.4 million, which is expected to be recognized over a period of approximately 2.0 years.