Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions Used in Estimating the Fair Value of Options Granted

The following assumptions were used in estimating the fair value of options granted during the period ended March 31, 2021:

	March 31, 2021			March 31, 2020
Dividend yield		0.00	%		0.00	%
Risk-free interest rate		0.96	%		0.55	%
Expected volatility		24.64	%		22.30	%
Weighted average expected life		6.5			6.5
Weighted average per share value of options	$	2.76		$	1.84

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended March 31, 2021 is presented below.

Stock Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining in Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding December 31, 2020		218,115	$	7.89		9.30		451,154
Granted(1)		28,350		10.21		6.50		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Outstanding March 31, 2021		246,465		8.16		9.15		1,498,801
Options exercisable at March 31, 2021		11,923		7.88		9.00		75,804
(1)   Includes 7,998 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer

Summary of Nonvested Stock option Activity

The following table summarizes information about the Company’s nonvested stock option activity for the three months ended March 31, 2021:

Stock Options	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020		218,115		$	1.98
Granted		28,350			2.76
Vested		(11,923	)		1.83
Forfeited		—			—
Nonvested at March 31, 2021		234,542		$	2.06

Summary of Restricted Stock Unit Activity

At March 31, 2021, the Company had $426,000 in estimated unrecognized compensation costs related to outstanding stock options that is expected to be recognized over a weighted average period of 4.21 years.

Restricted Stock	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020		84,949		$	7.87
Granted(1)		11,436			10.21
Vested		(4,770	)		7.88
Forfeited		—			—
Nonvested at March 31, 2021		91,615		$	8.16

(1) Includes 998 shares granted as a restricted stock inducement award to the Company’s President and Chief Operating Officer