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Stock Options and Restricted Stock (Tables) | 12 Months Ended
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Dec. 31, 2023
Stock Options and Restricted Stock |
Summary of valuation assumptions used to determine the fair value of option award | The weighted average assumptions used in the model for valuing stock option grants in 2023 is as follows:
​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2023 |
Dividend Yield |  | — | %
Expected Life |  | 7 | Years
Expected Volatility |  | 36.85 | %
Risk-Free Interest Rate |  | 4.21 | %
Summary of the status of the Company's outstanding stock options | The following table presents a summary of the status of the Company’s outstanding stock options for the years ended December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  |  |  | Weighted |  |  |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Shares | ​ | Exercise Price | ​ | Shares | ​ | Exercise Price
Outstanding at Beginning of Year |  | 1,913,444 | ​ | $ | 9.35 |  | 1,768,745 | ​ | $ | 7.67
Granted |  | 421,500 | ​ |  | 10.84 |  | 290,000 | ​ | ​ | 17.50
Exercised |  | (305,950) | ​ |  | 3.15 |  | (133,301) | ​ | ​ | 4.33
Forfeitures |  | (14,000) | ​ |  | 14.63 |  | (12,000) | ​ | ​ | 14.77
Outstanding at Period End |  | 2,014,994 | ​ | $ | 10.57 |  | 1,913,444 | ​ | $ | 9.35
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options Exercisable at Period End |  | 1,348,744 | ​ | $ | 9.36 |  | 1,492,069 | ​ | $ | 7.51
Summary of information pertaining to options outstanding based on range of exercise price | The following table presents information pertaining to options outstanding at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Options Outstanding | ​ | Options Exercisable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​ | ​
​ | ​ | ​ | Number of | ​ | Weighted Average | ​ | Remaining Contractual | ​ | Number of | ​ | Weighted Average
Range of Exercise Prices |  | Options |  | Exercise Price | ​ | Life in Years | ​ | Options |  | Exercise Price
$ | 3.00 - 3.99 |  | 10,000 | ​ | $ | 3.58 | ​ | 1.0 |  | 10,000 |  | $ | 3.58
​ | 7.00 - 7.99 |  | 891,966 |  | ​ | 7.47 |  | 3.8 |  | 891,966 |  | ​ | 7.47
​ | 8.00 - 8.99 |  | 17,500 |  | ​ | 8.76 |  | 6.3 |  | 11,250 |  | ​ | 8.76
​ | 10.00 - 10.99 | ​ | 249,000 | ​ | ​ | 10.63 | ​ | 9.5 | ​ | 7,500 | ​ | ​ | 10.08
​ | 11.00 - 11.99 | ​ | 267,500 | ​ | ​ | 11.15 | ​ | 8.5 | ​ | 73,000 | ​ | ​ | 11.29
​ | 12.00 - 12.99 | ​ | 263,528 | ​ | ​ | 12.90 | ​ | 5.6 | ​ | 257,278 | ​ | ​ | 12.91
​ | 13.00 - 13.99 | ​ | 25,000 | ​ | ​ | 13.22 | ​ | 4.4 | ​ | 25,000 | ​ | ​ | 13.22
​ | 17.00 - 17.99 | ​ | 290,500 | ​ | ​ | 17.50 | ​ | 8.1 | ​ | 72,750 | ​ | ​ | 17.50
​ | Totals |  | 2,014,994 | ​ | $ | 10.57 | ​ | 6.0 |  | 1,348,744 | ​ | $ | 9.36
Summary of analysis of nonvested options to purchase shares of the Company's stock issued and outstanding | The following table presents an analysis of nonvested options to purchase shares of the Company’s stock issued and outstanding for the year ended December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | Weighted
​ | ​ | Number of | ​ | Average Grant
​ | ​ | Shares | ​ | Date Fair Value
Nonvested Options at December 31, 2022 |  | 421,375 | ​ | $ | 4.87
Granted |  | 421,500 | ​ | ​ | 5.04
Vested |  | (171,625) | ​ | ​ | 4.40
Forfeited | ​ | (5,000) | ​ | ​ | 5.74
Nonvested Options at December 31, 2023 |  | 666,250 | ​ | $ | 5.09
Summary of the status of the Company's outstanding restricted stock awards | The following table presents an analysis of nonvested restricted stock awards outstanding for the years ended December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  |  |  | Weighted |  |  |  | Weighted
​ | ​ | Number of | ​ | Average Grant | ​ | Number of | ​ | Average Grant
​ | ​ | Shares | ​ | Date Fair Value | ​ | Shares | ​ | Date Fair Value
Nonvested at December 31, 2022 |  | 38,762 | ​ | $ | 12.50 | ​ | 75,113 | ​ | $ | 12.59
Granted |  | — | ​ | ​ | — | ​ | — | ​ | ​ | —
Vested |  | (35,101) | ​ | ​ | 12.69 | ​ | (35,351) | ​ | ​ | 12.69
Forfeited | ​ | (250) | ​ | ​ | 12.92 | ​ | (1,000) | ​ | ​ | 12.92
Nonvested at December 31, 2023 |  | 3,411 | ​ | $ | 10.53 | ​ | 38,762 | ​ | $ | 12.50
Summary of the status of the Company's outstanding restricted stock units | The following table presents an analysis of nonvested restricted stock units outstanding for the years ended December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  |  |  | Weighted |  |  |  | Weighted
​ | ​ | Number of | ​ | Average Grant | ​ | Number of | ​ | Average Grant
​ | ​ | Shares | ​ | Date Fair Value | ​ | Shares | ​ | Date Fair Value
Nonvested at December 31, 2022 |  | 351,310 | ​ | $ | 16.30 | ​ | 344,908 | ​ | $ | 15.02
Granted |  | 221,561 | ​ | ​ | 12.77 | ​ | 112,760 | ​ | ​ | 18.72
Vested |  | (121,603) | ​ | ​ | 15.53 | ​ | (96,786) | ​ | ​ | 14.65
Forfeited | ​ | (10,253) | ​ | ​ | 17.79 | ​ | (9,572) | ​ | ​ | 15.12
Nonvested at December 31, 2023 |  | 441,015 | ​ | $ | 14.71 | ​ | 351,310 | ​ | $ | 16.30

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