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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Outstanding Restricted Stock | The following table presents information regarding the activity for the first nine months of 2023 related to the Company’s outstanding restricted stock awards:
|  | Long-Term Restricted Stock Awards
| Number of Units |  | Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2023 |  | 223,012 |  |  | $ | 36.14 |
Granted during the period |  | 143,380 |  |  | 37.08 |
Vested during the period |  | (25,811) |  |  | 24.52 |
Forfeited or expired during the period |  | (791) |  |  | 37.88 |
Nonvested at September 30, 2023 |  | 339,790 |  |  | $ | 37.15 |
Schedule of Stock Options Roll Forward | Stock option activity and related information is presented below as of and for the periods indicated:
|  | Options Outstanding
|  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value ($ in thousands)
Balance at January 1, 2023 |  | — |  |  | $ | — |  |  |  |  |
Replacement options issued in conjunction with acquisition of GrandSouth |  | 542,345 |  |  | 20.14 |  |  |  |  |
Exercised during the period |  | (194,998) |  |  | 19.33 |  |  |  |  |
Forfeited or expired during the period |  | — |  |  | — |  |  |  |  |
Outstanding at September 30, 2023 |  | 347,347 |  |  | 20.59 |  |  | 6.01 |  | $ | 2,768 |
Exercisable at September 30, 2023 |  | 347,347 |  |  | $ | 20.59 |  |  | 6.01 |  | $ | 2,768 |
Summary of Stock Options | Stock options outstanding are summarized as follows as of September 30, 2023:
Shares |  | Range |  | Weighted Average Price |  | Weighted Average Remaining Life in Years
111,822 |  | $13.79 - 18.18 |  | 15.63 |  | 4.38
121,320 |  | $18.19 |  | 18.19 |  | 5.73
114,205 |  | $18.20 - 31.32 |  | 28.00 |  | 7.91
347,347 |  |  |  | 20.59 |  | 6.01
Schedule of Stock Option Assumptions | The following table illustrates the assumptions for the Black-Scholes model used in determining the fair value of options granted:
|  | For the Nine Months Ended
|  | September 30, 2023
Fair value per option, weighted average |  | $ | 24.85 |
Expected life (years) |  | 1.4 - 4.7
Expected stock price volatility, weighted average |  | 46.39 | %
Expected dividend yield |  | 2.05 | %
Risk-free interest rate, weighted average |  | 4.18 | %
Expected forfeiture rate |  | — | %

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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