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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of stock option activity | A summary of the Company’s stock option activity under the Plan for the years ended December 31, 2022 and 2021 is as follows:
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contract Life (In Years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2020 | 15,000 |  | $ | 10.00 |  |  | 8.0 |  | $ | — |
Granted | 430,000 |  | 18.86 |  |  |  |  |
Exercised | (10,000) |  | 10.00 |  |  |  |  | $ | 116,000 |
Outstanding at December 31, 2021 | 435,000 |  |  | $ | 18.76 |  |  | 9.7 |  | $ | 632,000 |
Granted | 50,000 |  |  | 16.53 |  |  |  |  |
Exercised | (5,000) |  |  | 10.00 |  |  |  |  |
Forfeited | (60,000) |  |  | 18.86 |  |  |  |  |
Outstanding at December 31, 2022 | 420,000 |  |  | $ | 18.58 |  |  | 8.8 |  | $ | — |
Expected to vest at December 31, 2022 | 420,000 |  |  | $ | 18.58 |  |  | 8.8 |  | $ | — |
Exercisable at December 31, 2022 | 123,333 |  |  | 18.86 |  |  | 8.8 |  | $ | — |
Schedule of assumptions used to calculate grant date fair value | The assumptions that were used to calculate the grant date fair value of the Company’s stock option grants for the year ended December 31, 2022 were as follows:
| Year Ended December 31,
| 2022 |  | 2021
Risk-free interest rate | 1.70 | % |  | 1.22 | %
Expected term (years) | 6.25 years |  | 6.25 years
Volatility | 30 | % |  | 30 | %
Dividend yield | 0.40 | % |  | 0.40 | %
Schedule of unvested restricted stock unit activity | The Company issued restricted stock units to its employees. The following table summarizes the unvested restricted stock units for the years ended December 31, 2022 and 2021:
| Number of Shares Outstanding |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2020 | 256,000 |  | $ | 10.00 |
Granted | 40,000 |  | 17.98 |
Vested | (84,917) |  | 11.55 |
Forfeited | (52,083) |  | 11.14 |
Unvested at December 31, 2021 | 159,000 |  |  | $ | 11.08 |
Granted | 9,900 |  |  | 16.69 |
Vested | (75,588) |  |  | 10.72 |
Forfeited | (11,166) |  |  | 15.54 |
Unvested at December 31, 2022 | 82,146 |  |  | $ | 11.47 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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