Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Summary of outstanding and exercisable stock options

				Weighted-Average
		Weighted-Average		Remaining	Aggregate
		Exercise		Contractual Term	Intrinsic
	Options	Price		(in Years)	Value
Outstanding as of December 31, 2022	780,623	$	18.12	4.65	$	15,902
Granted	139,648		22.23	6.26
Exercised	(8,295)		12.36	—
Expired	(1,409)		23.72	—
Forfeited	(1,129)		20.09	—
Outstanding as of December 31, 2023	909,438	$	18.79	4.06	$	6,482
Options vested and exercisable as of December 31, 2023	749,317	$	18.26	3.62	$	6,326
Options vested and expected to vest as of December 31, 2023	909,438	$	18.79	4.06	$	6,482

Schedule of vesting for unvested options

		Weighted-Average
		Grant-Date
	Number	Fair Value
Unvested as of December 31, 2022	100,059	$	6.02
Granted	139,648		11.21
Vested	(78,457)		15.19
Forfeited	(1,129)		12.09
Unvested as of December 31, 2023	160,121	$	10.92

Schedule of valuation assumptions

	December 31,
	2023		2022
Expected term in years (1)	2.90		4.25
Volatility (2)	73.16	%	77.58	%
Risk-free interest rate (3)	4.46	%	2.86	%
Dividend yield (4)	—	%	—	%

(1) The Company estimated the expected term based on the average of the weighted-average vesting period and the contractual term of the stock option awards by utilizing the “simplified method,” as the Company does not have sufficient available historical data to estimate the expected term of these stock option awards.

(2) Volatility was based on a weighting of the Company’s historical volatility and its peer group, which is comprised of companies with similar industry, size and financial leverage.

(3) The risk-free interest rate was determined by using the United States Treasury rate for the period consistent with the expected option term described above.

(4) The Company’s expected annual dividend yield was zero based on current practice. 

Summary of changes in outstanding restricted stock units

				Weighted-Average
				Remaining
		Weighted-Average		Amortization
		Grant-Date		Period
	Shares	Fair Value		(in Years)
Outstanding as of December 31, 2022	98,664	$	25.23
Granted	699,281		21.39
Vested	(80,580)		27.07
Forfeited	(4,005)		26.85
Outstanding as of December 31, 2023	713,360	$	21.25	2.18