Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The table below summarizes stock option activity during the period ended June 30, 2024:

	Six Months Ended June 30, 2024
	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (2)
	($ in thousands, except per share amounts)
Options outstanding at December 31, 2023		752,964	$	12.88
Granted		100		15.86
Exercised		—		—
Forfeited		—		—
Options outstanding at June 30, 2024		753,064	$	12.88	5.6 years	$	3,804
Options exercisable at June 30, 2024		747,500	$	12.89	5.6 years	$	3,770
Options expected to vest (1)		5,564	$	12.89	9.2 years	$	34

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

(2)The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price.

Summary of Restricted Stock Award Activities

The table below summarizes RSA activity during the period ended June 30, 2024:

	Employee					Non-Employee Director					Total
June 30, 2024	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, 2023		409,137		$	9.39		61,276		$	9.31		470,413		$	9.38
Granted		189,679			15.86		15,939			17.88		205,618			16.02
Vested		(248,796	)		8.61		(29,785	)		9.57		(278,581	)		8.71
Forfeited		—			—		—			—		—			—
Nonvested at June 30, 2024		350,020		$	13.45		47,430		$	12.03		397,450		$	13.28

Summary of Performance Stock Units Activities

The table below summarizes PSU activity during the period ended June 30, 2024:

June 30, 2024	Shares			Weighted Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023, nonvested		256,387	(1)	$	11.05
Granted		157,994	(1)		15.86
Performance adjustment		102,750			12.63
Vested		—			—
Forfeited		—			—
Outstanding at June 30, 2024, nonvested		517,131		$	12.83

(1)The number of PSUs are presented at 100% of the specified target shares.