Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

A summary of the Company’s stock option activity under the Plan for the period ended March 31, 2022 is as follows:

	Number of Options	Weighted- Average Exercise Price	Weighted- Average Remaining Contract Life (In Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	435,000	$18.76		$	—
Granted	50,000	16.53
Exercised	(5,000)	10.00
Canceled/forfeited	(20,000)	18.86
Outstanding at March 31, 2022	460,000	$18.61	9.6	$	571,900
Expected to vest at March 31, 2022	460,000	$18.61	9.6	$	571,900
Exercisable at March 31, 2022	—	—	—	$	—

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 three months ended March 31, 2022 were as follows:

	Three Months Ended March 31, 2022
Risk-free interest rate	1.70	%
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 employees of the Company. The following table summarizes the unvested restricted stock units for the period ended March 31, 2022:

	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	159,000	$	11.08
Granted	7,500	16.53
Forfeited	(1,667)	17.90
Unvested at March 31, 2022	164,833	$	11.26