Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

8. Stockholders' Equity

Net Income Per Common Share

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

	For the Quarter Ended March 31,
	2025		2024
Weighted average common shares outstanding basic		37,298,967		36,908,169
Dilutive effect of stock options and restricted stock		115,043		214,850
Weighted average common shares outstanding diluted		37,414,010		37,123,019

The dilutive effect of stock options and restricted stock was computed using the treasury stock method. Options to purchase 12,164 and 4,733 shares of common stock that were outstanding for the quarter ended March 31, 2025 and 2024, respectively were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive.

Share Repurchases

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.

During the quarter ended March 31, 2025, the Company repurchased 76,800 shares for $1.0 million, at an average cost of $13.00 per share, exclusive of commissions and excise tax under the 2025 Repurchase Program. As of March 31, 2025, there was approximately $9.0 million in remaining funds authorized under the 2025 Repurchase Program.