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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Assumptions Used | The table below summarizes the assumptions used for the options granted during the six months ended June 30, 2023. No options were granted during the first three months of 2022.
| For the Six Months Ended June 30,
| 2023
Risk-free interest rate | 3.6% - 4.0%
Expected term in years | 5.5 – 7.5
Expected volatility | 43.9% – 44.9%
Expected dividend yield | — |
Stock Option Activity | The following summarizes stock option activity for the three months and six months ended June 30, 2023:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Contractual Life (in years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2022 | 881,625 |  | $ | 5.27 |  |  | 7.5 |  | $ | 3,871,667 |
Options granted | 124,906 |  | 8.64 |  | 9.6 |  | — |
Options exercised | (16,800) |  | 2.37 |  | 0.0 |  | 111,656 |
Options forfeited | (8,264) |  | 9.25 |  | 0.0 |  | 11,765 |
Outstanding at June 30 2023 | 981,467 |  | $ | 5.72 |  |  | 7.4 |  | $ | 3,546,581 |
Options vested and exercisable at June 30 2023 | 689,418 |  | $ | 4.78 |  |  | 6.9 |  | $ | 3,000,920 |
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Contractual Life (in years) |  | Aggregate Intrinsic Value
Outstanding at March 31 2023 | 863,429 |  | $ | 5.32 |  |  | 7.3 |  | $ | 3,407,917 |
Options granted | 123,806 |  | 8.63 |  | 9.6 |  | — |
Options forfeited | (5,768) |  | 8.94 |  |  | 0 |  | 7,884 |
Outstanding at June 30 2023 | 981,467 |  | $ | 5.72 |  |  | 7.4 |  | $ | 3,546,581 |
Options vested and exercisable at June 30 2023 | 689,418 |  | $ | 4.78 |  |  | 6.9 |  | $ | 3,000,920 |
Pre-Tax and After-Tax Stock-Based Compensation Expense | The following tables present pre-tax and after-tax stock-based compensation expense recognized:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
($ in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Pre-tax |  |  |  |  |  |  |
Stock options | $ | 142 |  |  | $ | 54 |  |  | $ | 237 |  |  | $ | 93 |
Restricted shares | 487 |  |  | 46 |  |  | 813 |  |  | 46 |
Total | $ | 629 |  |  | $ | 100 |  |  | $ | 1,050 |  |  | $ | 139 |
After-tax |  |  |  |  |  |  |
Stock options | $ | 126 |  |  | $ | 53 |  |  | $ | 218 |  |  | $ | 91 |
Restricted shares | 532 |  |  | 46 |  |  | 777 |  |  | 46 |
Total | $ | 658 |  |  | $ | 99 |  |  | $ | 995 |  |  | $ | 137 |

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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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