Share Repurchase Program

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Share Repurchase Program

9. SHARE REPURCHASE PROGRAM

In October 2021, the Company’s Board of Directors adopted a share repurchase program under which the Company may repurchase up to 10%, or 510,000 shares, of its then outstanding common shares. Repurchases under the program may be made in open market or in privately negotiated transactions and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. Any repurchased shares will be held by the Company as authorized but unissued shares. On January 25, 2022, the Company announced a modification to this program. The modification changes the program so that the Company may purchase up to 62,000 shares, or approximately 1% of the Company’s outstanding stock. As of March 31, 2022, the Company had repurchased 62,000 shares at a cost of $1,402,000 in connection with this program.