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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

The following summary reflects nonvested restricted stock unit activity and related information:

The following summary reflects nonvested restricted stock unit activity and related information:

								Weighted Average
				Shares				Fair Value (a)
	Outstanding, December 31, 2021				—			$	—
	Granted				224,288				15.42
	Vested				—				—
	Outstanding, December 31, 2022				224,288			$	15.42
	Granted				180,430				10.33
	Vested				(145,700	)			16.20
	Forfeited				(54,201	)			14.57
	Outstanding, December 31, 2023				204,817			$	10.61

_______

(a) Shares are valued at the grant-date market price.

		2023
Weighted Average grant date fair value of restricted stock units granted during the year, per share		$	10.33
Total fair value of restricted stock units vested during the year		$	2,286,464

The following table summarizes the weighted average fair value and assumptions for 2023 and 2022.

The estimated fair value of an option is calculated using a Black-Scholes option valuation model with the following assumption inputs: dividend yield, expected annual volatility, risk free interest rate and an expected life of the option. The following table summarizes the weighted average fair value and assumptions for 2023 and 2022.

		2023				2022
Weighted average grant-date fair value of stock options		$	4.52			$	4.55
Stock Options Valuation Assumptions:
Risk-free interest rate			3.9%				1.6%
Dividend yield			0.0%				0.0%
Expected volatility			64.9%				56.0%
Expected option life (in years)			2.88				2.99
Other pricing model inputs:
Weighted average grant-date market prices of Empire stock (strike price)		$	10.07			$	11.80

The following summary reflects stock option activity and related information:

The following summary reflects stock option activity and related information:

								Weighted Average
				Options				Exercise Price
	Outstanding, December 31, 2021				2,440,700			$	2.19
	Granted				249,000				11.80
	Exercised				(310,000	)			1.34
	Outstanding, December 31, 2022				2,379,700			$	3.31
	Granted				533,000				10.07
	Exercised				(355,000	)			1.35
	Forfeited				(492,319	)			5.42
	Outstanding, December 31, 2023				2,065,381			$	4.89

The following table summarizes information about stock options outstanding as of December 31, 2023:

The following table summarizes information about stock options outstanding as of December 31, 2023:

Range of	Options	Weighted Average	Weighted	Options	Weighted
Exercise	Outstanding	Remaining	Average	Exercisable	Average
Prices	at 12/31/23	Contractual Life	Exercise Price	at 12/31/23	Exercise Price
$1.32 to $12.36	2,065,381	4.94 years	$4.89	1,605,210	$3.09

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Tabular disclosure of information about asset and liability measured at fair value under fair value option.

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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 warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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