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Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
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 during the nine months ended September 30, 2023 and September 30, 2022, respectively:

 

 

For the Nine Months Ended

 

 

September 30,
2023

 

 

September 30,
2022

 

 

 

 

 

 

 

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

Risk-free interest rate

 

 

3.59

%

 

 

3.13

%

Expected volatility

 

 

24.64

%

 

 

24.64

%

Weighted average expected life (years)

 

 

6.5

 

 

 

6.5

 

Weighted average per share value of options

 

$

3.37

 

 

$

3.25

 
Summary of Stock Option Activity

A summary of the Company’s stock option activity for the nine months ended September 30, 2023 is presented below.

 

Stock Options

 

Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining in Contractual Term (Years)

 

 

Aggregate Intrinsic Value

 

Outstanding December 31, 2022

 

656,130

 

 

$

8.27

 

 

 

8.69

 

 

$

1,122,214

 

Granted

 

3,000

 

 

 

9.94

 

 

 

6.50

 

 

 

21

 

Exercised

 

 

3,159

 

 

 

5.96

 

 

N/A

 

 

N/A

 

Forfeited

 

 

55,861

 

 

 

8.09

 

 

N/A

 

 

N/A

 

Outstanding September 30, 2023

 

 

600,110

 

 

 

8.30

 

 

7.74

 

 

254,168

 

Options exercisable at September 30, 2023

 

182,637

 

 

 

6.51

 

 

6.13

 

 

162,565

 
Summary of Nonvested Stock option Activity

The following table summarizes information about the Company’s nonvested stock option activity for the nine months ended September 30, 2023:

 

Stock Options

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

 

543,306

 

 

$

2.82

 

Granted

 

3,000

 

 

 

3.37

 

Vested(1)

 

 

(76,130

)

 

 

1.96

 

Forfeited

 

 

(52,703

)

 

 

8.09

 

Nonvested at September 30, 2023

 

 

417,473

 

 

 

3.01

 
Summary of Restricted Stock Unit Activity

The following table summarizes information about the Company’s restricted stock activity for the nine months ended September 30, 2023:

 

Restricted Stock

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

 

211,349

 

 

$

8.71

 

Granted

 

 

—

 

 

 

—

 

Vested(1)(2)

 

 

(30,274

)

 

 

7.08

 

Forfeited

 

 

(18,385

)

 

 

8.15

 

Nonvested at September 30, 2023

 

 

162,690

 

 

$

9.08