Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

A summary of the Company’s stock option activity under the Plan for the years ended December 31, 2023 and 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	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	—
Exercised	(6,860)	17.84
Forfeited	(26,667)	18.86
Outstanding at December 31, 2023	386,473	$	18.58	7.8	$	2,424
Vested and expected to vest at December 31, 2023	386,473	$	18.58	7.8	$	2,424
Exercisable at December 31, 2023	249,807	18.73		7.8	$	1,528

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:


	December 31, 2022
Risk-free interest rate	1.70	%
Expected term (years)	6.25 years
Volatility	30.0	%
Dividend yield	0.40	%

Schedule of Unvested Restricted Stock Unit Activity


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
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
Vested	(75,133)	11.13
Forfeited	(1,667)	10.00
Unvested at December 31, 2023	5,346	$	16.71