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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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 1, 2023  All Plans  $1.88    5%  $7.99    36.76%   4.14%   4.9 
                                  
January 30, 2023  All Plans  $1.65    5%  $7.10    36.73%   3.64%   5.31 
                                  
January 18, 2023  All Plans  $1.70    5%  $7.37    36.79%   3.40%   5.31 
                                  
December 2, 2022  All Plans  $1.48    5%  $6.48    37.03%   3.69%   4.88 

 

 

(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, 2022   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   $4.56    1,157,203   $5.31 
Adjustment for the effect of stock dividends   38,266         57,859      
Granted   106,500         305,000      
Exercised   (286,965)        -      
Cancelled   (836)        -      
                     
Outstanding at December 31, 2023   833,570   $5.22    1,520,062   $5.86 
                     
Exercisable at end of year   739,070   $4.87    1,215,062   $5.31 
                     
Available options for future grant   92,820         529,750      
                     
Weighted average contractual term of options outstanding at December 31, 2023   5.25 years         6.50 years      
                     
Weighted average contractual term of options exercisable at December 31, 2023   4.66 years         5.90 years      
                     
Aggregated intrinsic value of options outstanding at December 31, 2023 (1)  $3,149,704        $4,765,559      
                     
Aggregated intrinsic value of options exercisable at December 31, 2023 (1)  $3,049,987        $4,483,509      

 

 

(1)The Company used a stock price of $9.00 as of December 31, 2023 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, 2022   1,620   $6.48 
Granted   1,840      
Vested   (1,215)     
           
Non-vested at December 31, 2023   2,245   $7.72 
           
Available RSUs for future grant   16,540