Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions to Estimate Fair Value of Stock Options

The following table presents the assumptions used in the option pricing model at the grant date for options granted during the year ended December 31, 2023:

Assumptions:	December 31, 2023
Expected volatility		28.00	%
Expected dividends		—
Risk-free interest rate		1.50	%
Expected forfeited rate		—

The table below presents the fair value assumptions used for the period indicated:

	December 31,
Assumptions:	2023			2022
Risk-free interest rate		5.45	%		2.50	%
Expected term (in years)		0.5			0.5
Expected volatility		51.31	%		49.93	%
Dividend yield		—			—
Grant date fair value per share	$	11.78		$	11.31

Summary of Stock Option Activity

The tables below summarize stock option activity during the years ended December 31, 2023 and 2022:

	December 31, 2023
($ in thousands, except per share amounts)	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Options outstanding at beginning of year		785,000		$	12.89
Granted		5,464			11.68
Exercised		(37,500	)		13.00
Forfeited		—			—
Options outstanding at end of year		752,964		$	12.88	6.1 years	$	3,269
Options exercisable at end of year		747,500		$	12.89	6.1 years	$	3,239
Options expected to vest (1)		5,464		$	11.68	9.7 years	$	30

	December 31, 2022
($ in thousands, except per share amounts)	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Options outstanding at beginning of year		785,000	$	12.89
Granted		—		—
Exercised		—		—
Forfeited		—		—
Options outstanding at end of year		785,000	$	12.89	7.1 years	$	42
Options exercisable at end of year		523,333	$	12.89	7.1 years	$	28
Options expected to vest (1)		261,667	$	12.89	7.1 years	$	14

(1)The number of options expected to vest reflects no expected forfeiture.

Summary of Restricted Stock Award Activities

The table below summarizes restricted stock award activity during the year ended December 31, 2023 and 2022:

	Employee					Non-Employee Director					Total
December 31, 2023	Restricted Stock Awards					Restricted Stock Awards					Restricted Stock Awards
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022		445,250		$	8.61		48,889		$	9.72		494,139		$	8.72
Granted		198,137			10.00		31,629			9.01		229,766			9.86
Vested		(234,250	)		8.42		(19,242	)		9.87		(253,492	)		8.53
Forfeited		—			—		—			—		—			—
Nonvested at December 31, 2023		409,137		$	9.39		61,276		$	9.31		470,413		$	9.38

	Employee					Non-Employee Director					Total
December 31, 2022	Restricted Stock Awards					Restricted Stock Awards					Restricted Stock Awards
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021		480,000		$	7.04		26,511		$	10.75		506,511		$	7.23
Granted		125,250			12.63		31,215			9.13		156,465			11.93
Vested		(160,000	)		7.04		(8,837	)		10.75		(168,837	)		7.23
Forfeited		—			—		—			—		—			—
Nonvested at December 31, 2022		445,250		$	8.61		48,889		$	9.72		494,139		$	8.72

Summary of Performance Stock Units Activities

A summary of the PSU activity for the years ended December 31, 2023, and 2022 under the 2020 Omnibus Plan is presented below:

	December 31,
	2023				2022
	Shares		Weighted Average Grant Date Fair Value (per share)		Shares		Weighted Average Grant Date Fair Value (per share)
Outstanding at beginning of year, nonvested		102,750	$	12.63		—	$	—
Granted		153,637		10.00		102,750		12.63
Vested		—		—		—		—
Forfeited		—		—		—		—
Outstanding at end of year, nonvested		256,387	$	11.05		102,750	$	12.63