Common Stock and Treasury Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock and Treasury Stock

7. Common stock and treasury stock

As of June 30, 2024 and December 31, 2023, the number of issued shares of common stock was 13,744,189 and 13,980,274, respectively, which included shares of treasury stock of 12,804 and 9,428, respectively. The changes in the number of issued shares of common stock and treasury stock were due to the following factors:

•An aggregate of 75,109 shares of common stock were issued as a result of the vesting of RSUs, of which, 21,826 shares of common stock were withheld to pay withholding taxes upon such vesting, which were reflected in treasury stock, with a cost of $403. Related treasury stock of 21,826 shares was then retired during the six months ended June 30, 2024.

•On May 2, 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, and subsequently on each of December 19, 2023 and March 28, 2024, the board of directors authorized the repurchase of an additional $5.0 million of the Company's common stock (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, 2024, the Company repurchased 292,744 shares of common stock under the Stock Repurchase Program, which was reflected in treasury stock, with a cost of $5,809. Related treasury stock of 289,368 shares, with a cost of $5,761, was retired during the six months ended June 30, 2024, which resulted in a treasury stock balance of $236 as of June 30, 2024. The Company has $4,577 remaining under the Stock Repurchase Program as of June 30, 2024.