Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity

A summary of the Company’s stock option activity under the Plan for the years ended December 31, 2022 and 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	8.0	$	—
Granted	430,000	18.86
Exercised	(10,000)	10.00			$	116,000
Outstanding at December 31, 2021	435,000	$	18.76	9.7	$	632,000
Granted	50,000	16.53
Exercised	(5,000)	10.00
Forfeited	(60,000)	18.86
Outstanding at December 31, 2022	420,000	$	18.58	8.8	$	—
Expected to vest at December 31, 2022	420,000	$	18.58	8.8	$	—
Exercisable at December 31, 2022	123,333	18.86		8.8	$	—

Schedule of 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, 2022 were as follows:

	Year Ended December 31,
	2022		2021
Risk-free interest rate	1.70	%	1.22	%
Expected term (years)	6.25 years		6.25 years
Volatility	30	%	30	%
Dividend yield	0.40	%	0.40	%

Schedule 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 years ended December 31, 2022 and 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
Granted	9,900	16.69
Vested	(75,588)	10.72
Forfeited	(11,166)	15.54
Unvested at December 31, 2022	82,146	$	11.47