Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used in Estimating the Fair Value of Options Granted

The following assumptions were used in estimating the fair value of options granted in the years ended December 31, 2022 and December 31, 2021:

	2022			2021
Dividend yield		0.00	%		0.00	%
Risk-free interest rate		3.83	%		0.96	%
Expected volatility		24.64	%		24.64	%
Weighted average expected life		6.50			6.50
Weighted average per share value of options	$	3.47		$	2.10

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the years ended December 31, 2022 and 2021 is presented below.

Stock Options	Shares			Weighted Average Exercise Price		Weighted Average of Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Options exercisable at December 31, 2020		—			—		—		—
Outstanding December 31, 2020		287,097			5.99		9.30		1,138,663
Granted (1)		37,316			7.76		—		120,526
Exercised		(4,738	)		6.27	N/A		N/A
Forfeited		(18,955	)		6.27	N/A		N/A
Outstanding December 31, 2021		300,720			6.19		8.40		1,443,067
Options exercisable at December 31, 2021		52,677		$	5.97	$	8.30		264,489
Outstanding December 31, 2021		300,720			6.19		8.40		1,443,067
Granted	355,410				10.02		—		—
Exercised		—			—	N/A		N/A
Forfeited		—			—	N/A		N/A
Outstanding December 31, 2022	656,130				8.27	8.69		1,122,214
Options exercisable at December 31, 2022	112,824				6.09	7.35		432,408

(1) Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Executive Officer.

Summary of Nonvested Stock option Activity

The following table summarizes information about the Company’s nonvested stock option activity for the years ended December 31, 2022 and 2021:

Stock Options	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020		287,097		$	1.98
Granted (1)		37,316			2.10
Vested		(57,415	)		1.50
Forfeited		(18,955	)		1.61
Nonvested at December 31, 2021		248,043		$	1.58
Nonvested at December 31, 2021		248,043		$	1.58
Granted	355,410				3.47
Vested (2)		(60,147	)		1.56
Forfeited		—			0.00
Nonvested at December 31, 2022		543,306		$	2.82

(1) Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Executive Officer.

(2) Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company's President and Chief Executive Officer.

Summary of Restricted Stock Unit Activity

The following table summarizes information about the Company’s restricted stock activity for the years ended December 31, 2022 and 2021:

Restricted Stock	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020		111,802		$	5.98
Granted (1)		15,052			7.76
Vested (2)		(22,355	)		5.98
Forfeited		(7,371	)		6.06
Nonvested at December 31, 2021		97,128		$	6.25
Nonvested at December 31, 2021		97,128		$	6.25
Granted		137,753			10.02
Vested (3)(4)		(23,532	)		6.20
Forfeited		—			0.00
Nonvested at December 31, 2022		211,349		$	8.71

(1) Includes 1,313 shares granted under a restricted stock inducement award to the Company’s President and Chief Executive Officer.

(2) Includes 6,305 shares surrendered by employees to cover payroll tax costs related to the vested shares.

(3) Includes 263 shares vested under a restricted stock inducement award to the Company's President and Chief Executive Officer.

(4) Includes 7,238 shares surrendered by employees to cover payroll tax costs related to the vested shares.