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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Outstanding Restricted Stock | The following table presents information regarding the activity during 2021, 2022, and 2023 related to the Company’s outstanding restricted stock:
|  | Long-Term Restricted Stock
|  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021 |  | 172,105 |  |  | $ | 33.80 |
Granted during the period |  | 104,414 |  |  | 40.56 |
Vested during the period |  | (63,369) |  |  | 39.82 |
Forfeited or expired during the period |  | (6,819) |  |  | 37.32 |
Nonvested at December 31, 2021 |  | 206,331 |  |  | 35.25 |
Granted during the period |  | 95,960 |  |  | 38.09 |
Vested during the period |  | (70,110) |  |  | 36.69 |
Forfeited or expired during the period |  | (9,169) |  |  | 32.62 |
Nonvested at December 31, 2022 |  | 223,012 |  |  | 36.14 |
Granted during the period |  | 143,380 |  |  | 37.08 |
Vested during the period |  | (74,310) |  |  | 29.43 |
Forfeited or expired during the period |  | (791) |  |  | 37.88 |
Nonvested at December 31, 2023 |  | 291,291 |  |  | 38.01 |
Schedule of Company's Stock Options Outstanding | 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 Term (years) |  | Aggregate Intrinsic Value (thousands)
Balance at January 1, 2023 |  | — |  |  | — |  |  |  |  |
Replacement options issued in conjunction with acquisition of GrandSouth |  | 542,345 |  |  | 20.14 |  |  |  |  |
Exercised during the period |  | (236,760) |  |  | 19.09 |  |  |  |  |
Forfeited or expired during the period |  | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2023 |  | 305,585 |  |  | 20.95 |  |  | 5.74 |  | $ | 4,907 |
Exercisable at December 31, 2023 |  | 305,585 |  |  | 20.95 |  |  | 5.74 |  | $ | 4,907 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table illustrates the assumptions for the Black-Scholes model used in determining the fair value of options granted:
|  | For the twelve months ended
|  | December 31, 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 |  | — | %
Share-Based Payment Arrangement, Option, Exercise Price Range | Stock options outstanding are summarized as follows as of December 31, 2023:
Shares |  | Range |  | Weighted Average Price |  | Weighted Average Remaining Life in Years
77,857 |  | $13.79 - 18.18 |  | 15.69 |  | 3.51
120,500 |  | $18.19 |  | 18.19 |  | 5.48
107,228 |  | $18.20 - 31.32 |  | 27.88 |  | 7.64
305,585 |  |  |  | 20.95 |  | 5.74

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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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