Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

Activity related to the Company’s stock options during 2023 was as follows:

	Number of Stock Options	Weighted Average Exercise Price
Outstanding on December 31, 2022	288,000	$	77.59
Granted	605,821	72.74
Outstanding on June 30, 2023	893,821	74.30
Exercisable on June 30, 2023	40,000	27.01

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The weighted average fair value assumptions used in the Black-Scholes model for the stock options issued during 2023 were as follows:

Expected volatility	45.23%
Risk-free rate of return	3.6%
Expected term (in years)	6.2 years
Expected annual dividend	$0