After doing some research with help from @Sammitch I was able to figure it out. Here is the working code:
<?php
function watermarkImage ($SourceFile, $WaterMarkText, $DestinationFile) {
$font = 'fonts/your-font-here.ttf';
$font_size = 40;
list($width, $height) = getimagesize($SourceFile);
$image_p = imagecreatetruecolor($width, $height);
$image = imagecreatefromjpeg($SourceFile);
imagecopyresampled($image_p, $image, 0, 0, 0, 0, $width, $height, $width, $height);
$black = imagecolorallocate($image_p, 0, 0, 0);
$bbox = imagettfbbox($font_size, 0, $font, $WaterMarkText);
$x = $bbox[0] + (imagesx($image) / 2) - ($bbox[4] / 2) + 10;
$y = $bbox[1] + (imagesy($image) / 2) - ($bbox[5] / 2) - 5;
imagettftext($image_p, $font_size, 0, $x, $y, $black, $font, $WaterMarkText);
if ($DestinationFile<>'') {
imagejpeg ($image_p, $DestinationFile, 100);
} else {
header('Content-Type: image/jpeg');
imagejpeg($image_p, null, 100);
};
imagedestroy($image);
imagedestroy($image_p);
};
?>