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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Nonvested Restricted Shares

A summary of the Company’s nonvested restricted shares as of December 31, 2022 and 2021, and changes during the years then ended is presented below:

						December 31,
		2022								2021
						Weighted-								Weighted-
						Average								Average
						Grant Date								Grant Date
						Fair Value								Fair Value
		Shares				(per share)				Shares				(per share)
Nonvested at the beginning of the year			491,239			$	3.50				849,723			$	2.86
Granted			386,908				3.93				213,465				4.23
Vested			(113,886	)			6.16				(311,128	)			2.26
Forfeited			(74,399	)			4.44				(260,821	)			3.49
Nonvested at the end of the year			689,862			$	3.20				491,239			$	3.50
Expected to vest			689,862			$	3.20				491,239			$	3.50

Time-Vested Stock Options [Member]

Valuation Assumptions, Options

Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions:

								Expected		Risk Free		Grant Date
						Expected		Dividend		Interest		Fair Value
Grant Year		Grant Date		Expected Life		Volatility		Yield		Rate		Per Award
2022		1/17/2022		6 years		74.32%		0.00%		1.60%		$	2.63
2022		2/4/2022		6 years		74.27%		0.00%		1.81%		$	2.30
2022		3/21/2022		6 years		74.45%		0.00%		2.33%		$	2.90
2022		4/19/2022		6 years		75.31%		0.00%		2.91%		$	3.87
2022		7/11/2022		6 years		77.95%		0.00%		3.04%		$	2.41
2022		7/18/2022		6 years		77.92%		0.00%		3.04%		$	2.51
2022		8/29/2022		6 years		78.17%		0.00%		3.24%		$	3.10
2022		9/6/2022		6 years		78.19%		0.00%		3.41%		$	2.81
2022		12/1/2022		6 years		78.20%		0.00%		3.65%		$	2.60

Option Activity

A summary of the Company’s time-vested stock options activity and related information at December 31, 2022 and 2021, and changes during the years then ended, is presented below:

						December 31,
		2022								2021
						Weighted-								Weighted-
						Average								Average
						Exercise								Exercise
		Options				Price				Options				Price
		Outstanding				(per share)				Outstanding				(per share)
Outstanding at the beginning of the year			733,967			$	5.66				211,361			$	11.68
Granted			513,518				3.95				608,485				4.04
Exercised			(102,850	)			3.98				-				-
Forfeited or expired			(255,821	)			4.76				(85,879	)			9.02
Outstanding at the end of the year			888,814			$	5.12				733,967			$	5.66
Exercisable at the end of the year			227,056			$	8.39				111,516			$	13.86

Shares Outstanding

A summary of the Company’s time vested stock options outstanding as of December 31, 2022 is presented below:

						Weighted-
						Average				Weighted-
						Remaining				Average
						Contractual				Exercise				Aggregate
		Options				Term				Price				Intrinsic
		Outstanding				(in years)				(per share)				Value
Options outstanding			888,814				8.3			$	5.12			$	-
Vested or expected to vest			888,814				8.3			$	5.12			$	-
Options exercisable			227,056				6.5			$	8.39			$	-

Stock Appreciation Rights (SARs) [Member]

Shares Outstanding

A summary of the Company’s cash settled stock appreciation rights outstanding as of December 31, 2022 is presented below:

						Weighted-
						Average				Weighted-
						Remaining				Average
						Contractual				Exercise				Aggregate
		SARS				Term				Price				Intrinsic
		Outstanding				(in years)				(per share)				Value
SARS outstanding			2,132,113				7.8			$	2.20			$	2,124,866
Vested or expected to vest			2,132,113				7.8			$	2.20			$	2,124,866
SARS exercisable			909,313				7.7			$	2.10			$	997,916

Valuation Assumptions

The fair value of cash settled stock appreciation rights as of December 31, 2022 was estimated using the Black-Scholes option valuation model with the following assumptions:

								Expected		Risk Free
						Expected		Dividend		Interest		Fair Value
Grant Year		Grant Date		Expected Life		Volatility		Yield		Rate		Per Award
2020		1/24/2020		3.6 years		94.35%		0.00%		4.19%		$	2.44
2020		9/14/2020		4.2 years		89.86%		0.00%		4.10%		$	2.38
2020		11/30/2020		4.4 years		87.88%		0.00%		4.07%		$	2.28
2021		1/5/2021		4.3 years		89.36%		0.00%		4.09%		$	2.31

SAR Activity

A summary of the Company’s cash settled stock appreciation rights activity and related information at December 31, 2022 and 2021 and changes during the year is presented below:

						December 31,
		2022								2021
						Weighted-								Weighted-
						Average								Average
						Exercise								Exercise
		SARS				Price				SARS				Price
		Outstanding				(per share)				Outstanding				(per share)
Outstanding at the beginning of the year			2,163,339			$	2.20				853,967			$	1.69
Granted			-				-				1,735,500				2.38
Exercised			(11,592	)			2.16				(42,652	)			1.64
Forfeited or expired			(19,634	)			2.31				(383,476	)			1.92
Outstanding at the end of the year			2,132,113			$	2.20				2,163,339			$	2.20
Exercisable at the end of the year			909,313			$	2.10				192,387			$	1.71

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