Note 10 - Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Equity [Text Block]

10. SHAREHOLDERS’ EQUITY

There are 10,000,000 Class A Shares and 2,500,000 Class B Shares authorized, as well as 1,000,000 Serial Preferred Shares.

1,002,848 unissued shares of Class A common stock at each of   December 31, 2024 and 2023 are reserved for the share-for-share conversion rights of the Class B common stock. The Class A shares have one vote per share and the Class B shares have three votes per share, except under certain circumstances such as voting on voluntary liquidation, sale of substantially all the assets, etc. Dividends up to $0.10 per year, noncumulative, must be paid on Class A shares before any dividends are paid on Class B shares.

During the year ended December 31, 2024, the Company repurchased 1,512 shares on the open market, with the remainder of share repurchases being done in connection with net share settlements on equity grants. During the year ended December 31, 2023, all share repurchases were done in connection with net share settlements. A summary of the Company’s Treasury stock acquired for the years ended December 31, 2023 and December 31, 2024 is as follows:

	TREASURY SHARES
	CLASS A		CLASS B
Balance at December 31, 2022		47,412		182,435
Share repurchase		6,662		-
Balance at December 31, 2023		54,074		182,435
Share repurchase		8,485		-
Balance at December 31, 2024		62,559		182,435