Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	(50,000)	18.86
Outstanding at September 30, 2022	430,000	$18.59	9.1	$	—
Expected to vest at September 30, 2022	430,000	$18.59	9.1	$	—
Exercisable at September 30, 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 nine months ended September 30, 2022 were as follows:

	Nine Months Ended September 30, 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 September 30, 2022:

	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	159,000	$	11.08
Granted	9,900	16.69
Forfeited	(7,000)	17.90
Unvested at September 30, 2022	161,900	$	11.12