Quarterly report pursuant to Section 13 or 15(d)

Equity and Stock-Based Compensation (Tables)

v3.22.4
Equity and Stock-Based Compensation (Tables)
3 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes our stock option activity during the three months ended December 31, 2022:

 

 

 

Options

 

 

Weighted
Average
Exercise Price

 

Outstanding at beginning of period

 

 

589,341

 

 

$

8.06

 

Granted

 

 

111,500

 

 

 

9.27

 

Exercised

 

 

(8,875

)

 

 

3.80

 

Forfeited

 

 

(2,000

)

 

 

9.27

 

Outstanding at end of period

 

 

689,966

 

 

$

8.31

 

Exercisable at end of period

 

 

451,221

 

 

$

7.41

 

Weighted average fair value of options granted during the period

 

$

4.81

 

 

 

 

Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:

 

 

 

Three Months Ended December 31, 2022

 

 

Three Months Ended December 31, 2021

 

Risk free interest rate

 

 

4

%

 

 

1

%

Expected term

 

5 years

 

 

5 years

 

Dividend rate

 

 

%

 

 

%

Volatility

 

 

56

%

 

 

57

%