Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

A summary of the Company’s stock option activity under the Plan for the year ended December 31, 2021 is as follows:

	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contract Life (In Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2020	15,000	$	10.00	8 years	$	—
Granted	430,000	18.86
Exercised	(10,000)	10.00			$	116,000
Outstanding at December 31, 2021	435,000	$	18.76	9.7 years	$	632,000
Expected to vest at December 31, 2021	435,000	$	18.76	9.7 years	$	632,000
Exercisable at December 31, 2021	5,000	$	10.00	7 years	$	51,000

Assumptions used to calculate grant date fair value

The assumptions that were used to calculate the grant date fair value of the Company’s stock option grants for the year ended December 31, 2021 were as follows:

	December 31, 2021
Risk-free interest rate	1.22	%
Expected term (years)	6.25 years
Volatility	30	%
Dividend yield	0.40	%

Summary of unvested restricted stock unit activity

The Company issued restricted stock units to its employees. The following table summarizes the unvested restricted stock units for the period ended December 31, 2021:

	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Unvested at December 31, 2020	256,000	$	10.00
Granted	40,000	17.98
Vested	(84,917)	11.55
Forfeited	(52,083)	11.14
Unvested at December 31, 2021	159,000	$	11.08