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Stock-Based Compensation (Tables)

9 Months Ended

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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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.

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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.

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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.

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