Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Grants of Options to Purchase Shares of Common Stock

During the three months ended March 31, 2021 and 2020, the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants:

	2021			2020
Options granted		40,491			79,000
Vesting period (years)		5			5
Expiration period (years)		10			10
Expected volatility		30.98	%		24.94	%
Expected life (years)		6.2			6.0
Expected dividend yield		—			—
Risk free interest rate		0.64	%		1.47	%
Option fair value	$	6.20		$	5.74

Summary of Stock Options Activity

A summary of stock option activity for the three months ended March 31, 2021 is presented in the table below:

Options	Stock Option Grants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Balance at January 1, 2021		587,168	$	13.32		8.40	$	—
Granted		40,491		20.06
Balance at March 31, 2021		627,659	$	13.75		8.27	$	3,923,110
Exercisable at March 31, 2021		177,788	$	15.01		7.07	$	887,395
Unrecognized compensation cost (inclusive of directors' options)	$	1,565,435
Weighted average remaining recognition period    (years)		2.85

Summary of Activity in Restricted Stock Awards Under Equity Plan

The following table presents the activity in restricted stock awards under the Equity Plan for the three months ended March 31, 2021:

	Restricted Stock Awards			Weighted Average Grant Price
Restricted stock awards at January 1, 2021		122,012		$	12.72
Granted		—			—
Vested		(2,500	)		15.00
Forfeited		—			—
Restricted stock awards at March 31, 2021		119,512		$	12.67
Unrecognized compensation cost	$	1,219,423
Weighted average remaining recognition period (years)		3.18