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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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