Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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	576,000	$	38.80
Granted	1,353,706	37.05
Outstanding on September 30, 2023	1,929,706	37.50
Exercisable on September 30, 2023	180,800	29.74

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	45.2% to 45.5%
Risk-free rate of return	3.6% to 4.5%
Expected term (in years)	6.2 years to 6.5 years
Expected annual dividend	$0