Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 in the years ended December 31, 2023 and December 31, 2022:

	For the Twelve Months Ended
	December 31, 2023			December 31, 2022
Dividend yield		0.00	%		0.00	%
Risk-free interest rate		3.59	%		3.83	%
Expected volatility		24.64	%		24.64	%
Weighted average expected life (years)		6.50			6.50
Weighted average per share value of options	$	3.37		$	3.47

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the years ended December 31, 2023 and 2022 is presented below.

Stock Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining in Contractual Term (Years)		Aggregate Intrinsic Value
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

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		—
Exercised		(3,159	)		5.96	N/A		4,746
Forfeited		(52,703	)		8.22	N/A		N/A
Vested shares expired		(3,158	)		5.96	N/A		N/A
Outstanding December 31, 2023		600,110			8.30		7.49	238,951
Options exercisable at December 31, 2023	229,818				7.24	6.48		152,831

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, 2023 and December 31, 2022:

Stock Options	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021		248,043		$	1.58
Granted		355,410			3.47
Vested (1)		(60,147	)		1.56
Forfeited		—			—
Nonvested at December 31, 2022		543,306		$	2.82
Nonvested at December 31, 2022		543,306		$	2.82
Granted	3,000				3.37
Vested(2)		(123,311	)		2.57
Forfeited		(52,703	)		2.55
Nonvested at December 31, 2023		370,292		$	2.94

(1) Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company's President and Chief Executive Officer. (2) Includes 2,106 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, 2023 and 2022:

Restricted Stock	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021		97,128		$	6.25
Granted		137,753			10.02
Vested (1)(2)		(23,532	)		6.20
Forfeited		—			—
Nonvested at December 31, 2022		211,349		$	8.71
Nonvested at December 31, 2022	211,349			$	8.71
Granted		—			—
Vested(1)(3)		(48,667	)		8.21
Forfeited		(18,385	)		8.15
Nonvested at December 31, 2023		144,297		$	8.95

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

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

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