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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Assumptions Used | The table below summarizes the assumptions used for the options granted during the nine months ended September 30, 2023 and 2022.
| For the Nine Months Ended September 30,
| 2023 |  | 2022
Risk-free interest rate | 3.6% - 4.0% |  | 3.1%
Expected term in years | 5.5 – 7.5 |  | 5.5 – 6.5
Expected volatility | 43.9% – 44.9% |  | 45.8% – 46.7%
Expected dividend yield | — |  |  | — |
Stock Option Activity | The following summarizes stock option activity for the three months and nine months ended September 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 | (17,640) |  | 2.45 |  | 0 |  | 120,229 |
Options forfeited | (8,903) |  | 9.52 |  | 0 |  | 11,765 |
Outstanding at September 30, 2023 | 979,988 |  | $ | 5.71 |  |  | 7.1 |  | $ | 3,268,832 |
Options vested and exercisable at September 30, 2023 | 700,557 |  | $ | 4.75 |  |  | 6.6 |  | $ | 2,856,141 |
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Contractual Life (in years) |  | Aggregate Intrinsic Value
Outstanding at June 30, 2023 | 981,467 |  | $ | 5.72 |  |  | 7.4 |  | $ | 3,546,581 |
Options exercised | (840) |  | 4.13 |  | 0 |  | 4,133 |
Options forfeited | (639) |  | 13.04 |  |  | 0 |  | — |
Outstanding at September 30, 2023 | 979,988 |  | $ | 5.71 |  |  | 7.1 |  | $ | 3,268,832 |
Options vested and exercisable at September 30, 2023 | 700,557 |  | $ | 4.75 |  |  | 6.6 |  | $ | 2,856,141 |
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 September 30, |  | For the Nine Months Ended September 30,
($ in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Pre-tax |  |  |  |  |  |  |
Stock options | $ | 129 |  |  | $ | 116 |  |  | $ | 366 |  |  | $ | 209 |
Restricted shares | 370 |  |  | 192 |  |  | 1,183 |  |  | 238 |
Total | $ | 499 |  |  | $ | 308 |  |  | $ | 1,549 |  |  | $ | 447 |
After-tax |  |  |  |  |  |  |
Stock options | $ | 125 |  |  | $ | 116 |  |  | $ | 343 |  |  | $ | 204 |
Restricted shares | 278 |  |  | 192 |  |  | 1,055 |  |  | 238 |
Total | $ | 403 |  |  | $ | 308 |  |  | $ | 1,398 |  |  | $ | 442 |

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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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