Common Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock

7. Common stock

As of June 30, 2022 and December 31, 2021, the number of issued shares of common stock was 13,702,796 and 13,488,540, respectively. The change in the number of issued shares of common stock was due to the following factors:

•An aggregate of 320,510 shares of common stock issued as a result of the vesting of RSUs, of which, 106,254 shares of common stock were withheld to pay withholding taxes upon such vesting, which were reflected in treasury stock, with a cost of $2,771. The treasury stock of 106,254 shares was retired during the six months ended June 30, 2022.

•In May 2022, the board of directors of the Company authorized the repurchase of up to $5.0 million of the Company's common stock from time to time (the “Stock Repurchase Program”). The Stock Repurchase Program does not obligate the Company to repurchase any shares and may be modified, suspended or terminated at any time and for any reason at the discretion of the board of directors. During the six months ended June 30, 2022, the Company repurchased 7,031 shares of common stock under the Stock Repurchase Program at a net average price of $19.11 per share, which was reflected in treasury stock, with a cost of $134.