Net Income Per Common Share

12 Months Ended

Dec. 31, 2024

5. Net Income Per Common Share

Net income per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:


	For the Year Ended December 31,
	2024		2023		2022
Weighted average common shares outstanding basic		37,141,030		36,744,560		36,411,389
Dilutive effect of stock options and restricted stock		262,488		351,008		379,450
Weighted average common shares outstanding diluted		37,403,518		37,095,568		36,790,839

The dilutive effect of stock options and restricted stock was computed using the treasury stock method. Options to purchase 10,290, 101,406 and 114,540 shares of common stock that were outstanding at December 31, 2024, 2023 and 2022, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares and were therefore anti-dilutive.

On February 27, 2025, the Company's Board of Directors authorized the repurchase of up to $10.0 million in shares of its Common Stock effective March 10, 2025 (the “2025 Repurchase Program”). The 2025 Repurchase Program replaces the Company’s previously authorized 2013 repurchase program, which is hereby terminated, and will end on the first to occur of reaching the maximum amount of $10.0 million in repurchases or December 31, 2025. Repurchases under the 2025 repurchase program may be made in the open market at prevailing market prices, through accelerated share repurchases, through privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and the Company’s insider trading policy.