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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used

The following table summarizes the assumptions used in estimating the fair value of each stock option granted along with the weighted-average fair value of the stock options granted.

 

          Assumptions 
Grant Date  Plan  Weighted-Average Fair Value of Each Option   Expected Dividend Yield (1)   Underlying stock FMV   Weighted-Average Volatility   Weighted-Average Risk-Free Interest Rate   Weighted-Average Expected Life (years) 
December 2, 2022  All Plans  $            1.48    5%  $6.48    37.03%   3.69%   4.88 
                                  
December 3, 2021  All Plans  $2.99         5%  $8.62    36.50%   1.15%   5.31 

 

 
(1)Stock dividend
Schedule of Activity of Stock Option Plans

Activity of the stock option plans is summarized as follows:

 

   Number of
Class A Shares		   Weighted Average Exercise Price   Number of
Class C Shares		   Weighted Average Exercise Price 
Outstanding at January 1, 2021   1,072,863   $4.12    662,666   $4.50 
Adjustment for the effect of stock dividends   47,594         33,136      
Granted   89,500         230,000      
Exercised   (183,935)        (104,656)     
Cancelled   (1,671)        -      
                     
Outstanding at December 31, 2021   1,024,351   $4.38    821,146   $5.26 
Adjustment for the effect of stock dividends   47,780         41,057      
Granted   82,500         295,000      
Exercised   (176,435)        -      
Cancelled   (1,591)                   -                
                     
Outstanding at December 31, 2022   976,605   $4.78    1,157,203   $5.59 
                     
Exercisable at end of year   897,105   $4.63    862,203   $5.26 
                     
Available options for future grant   132,313         795,000      
                     
Weighted average contractual term of options                    
outstanding at December 31, 2022   4.72 years         6.90 years      
                     
Weighted average contractual term of options                    
exercisable at December 31, 2022   4.26 years         6.24 years      
                     
Aggregated intrinsic value of options outstanding at December 31, 2022 (1)  $2,460,755        $1,979,588      
                     
Aggregated intrinsic value of options exercisable at December 31, 2022 (1)  $2,397,275        $1,758,488      

 

 
(1)The Company used a stock price of $7.30 as of December 31, 2022 to derive intrinsic value.
Schedule of Activity Restricted Stock Units

Activity of the RSUs is summarized as follows:

 

   Number of
Class A Shares		   Weighted Average Grant Date Fair Value 
Non-vested at December 31, 2021    -   $ - 
Granted   1,620    6.48 
Vested   -      
           
Non-vested at December 31, 2022   1,620   $6.48 
           
Available RSUs for future grant   18,380      
           
Aggregated intrinsic value of RSUs outstanding at December 31, 2022 (1)  $1,328      

 

 
(1)The Company used a stock price of $7.30 as of December 31, 2022 to derive intrinsic value.