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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022 and 2021, 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:

 

 

 

2022

 

 

2021

 

Options granted

 

 

—

 

 

 

40,491

 

Vesting period (years)

 

 

—

 

 

 

5

 

Expiration period (years)

 

 

—

 

 

 

10

 

Expected volatility

 

 

—

 

 

 

30.98

%

Expected life (years)

 

 

—

 

 

 

6.2

 

Expected dividend yield

 

 

—

 

 

 

—

 

Risk free interest rate

 

 

—

 

 

 

0.64

%

Option fair value

 

 

—

 

 

$

6.20

 
Summary of Stock Options Activity

A summary of stock option activity for the three months ended March 31, 2022 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, 2022

 

 

599,383

 

 

$

13.80

 

 

 

8.50

 

 

$

—

 

Exercised

 

 

(129,437

)

 

 

14.38

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(18,247

)

 

 

16.26

 

 

 

 

 

 

 

 

 

Balance at March 31, 2022

 

 

451,699

 

 

$

13.53

 

 

 

7.75

 

 

$

5,817,936

 

Exercisable at March 31, 2022

 

 

177,546

 

 

$

14.61

 

 

 

7.00

 

 

$

2,095,529

 

Unrecognized compensation cost (inclusive of directors' options)

 

$

885,607

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average remaining recognition period

   (years)

 

 

2.13

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2022:

 

 

 

Restricted Stock Awards

 

 

Weighted Average Grant Price

 

 

Performance-Based Restricted Stock Units(1)

 

 

Weighted Average Grant Price

 

 

Total Restricted Stock Awards and Performance-Based Restricted Stock Units

 

 

Weighted Average Grant Price

 

Restricted stock awards at January 1, 2022

 

 

99,485

 

 

$

13.93

 

 

 

18,000

 

 

$

20.15

 

 

 

117,485

 

 

$

14.89

 

Vested

 

 

(4,614

)

 

 

14.36

 

 

 

—

 

 

 

—

 

 

 

(4,614

)

 

 

14.36

 

Forfeited

 

 

(704

)

 

 

11.48

 

 

 

—

 

 

 

—

 

 

 

(704

)

 

 

11.48

 

Restricted stock awards at March 31, 2022

 

 

94,167

 

 

$

13.93

 

 

 

18,000

 

 

$

20.15

 

 

 

112,167

 

 

$

14.93

 

Unrecognized compensation cost

 

$

957,628

 

 

 

 

 

 

$

276,944

 

 

 

 

 

 

$

1,234,572

 

 

 

 

 

Weighted average remaining recognition period (years)

 

 

2.39

 

 

 

 

 

 

 

2.04

 

 

 

 

 

 

 

2.33