Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.24.1.u1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan
Number of
shares		 Weighted
average
grant
date fair
value
Unvested at December 31, 2023 529,862  $ 11.42 
Granted 88,499  9.09 
Vested (67,844) 17.44 
Vested shares forgone to satisfy minimum statutory withholding (38,656) 17.44 
Forfeitures (3,500) 13.25 
Unvested at March 31, 2024 508,361  $ 9.74 
Three Months Ended March 31,
2024 2023
0
Weighted average grant date fair value of awards granted $ 9.09  $ — 
Total fair value of shares vested $ 641,823  $ 273,994 
Total fair value of shares forgone to satisfy minimum statutory withholding $ 365,697  $ 167,251 
Schedule of Share-based Payment Arrangement, Option, Activity
2014 Plan (Options) Number
of Authorized
Shares		 Weighted-
Average Exercise
Price		 Weighted-
Average
Remaining
Contractual Term (in Years)		 Aggregate
Intrinsic Value
Outstanding at December 31, 2023 657,346  $ 6.69  4.16 $ 2,983,514 
Forfeitures and expirations (500) 18.44 
Outstanding at March 31, 2024 656,846  $ 6.68  3.91 $ 2,099,944 
Exercisable at March 31, 2024 656,846  $ 6.68  3.91 $ 2,099,944 
Aggregate Intrinsic Value = Excess of market value over the option exercise price of all in-the-money stock options.
2021 Plan (Options) Number
of Authorized
Shares		 Weighted-
Average Exercise
Price		 Weighted-
Average
Remaining
Contractual Term (in Years)		 Aggregate
Intrinsic Value
Outstanding at December 31, 2023 1,051,673  $ 11.05  8.79 $ 1,207,118 
Granted 152,927  8.97 
Forfeitures and expirations (31,291) 9.73 
Outstanding at March 31, 2024 (a) 1,173,309  $ 10.81  8.71 $ — 
Exercisable at March 31, 2024 (a) 309,597  $ 14.31  7.60 $ — 
(a) Aggregate Intrinsic Value - no exercisable options were in-the-money as of March 31, 2024
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
Three Months Ended March 31,
Stock Options: 2024
Expected volatility
50% to 51%
Risk free interest rate
4.25% to 4.28%
Expected lives at date of grant (in years) 4.06
Weighted average fair value of options granted $3.97
Total intrinsic value of options exercised $ —