BASIC AND DILUTED AVERAGE SHARES

12 Months Ended

Dec. 31, 2024

BASIC AND DILUTED AVERAGE SHARES

BASIC AND DILUTED AVERAGE SHARES

NOTE 13 — BASIC AND DILUTED AVERAGE SHARES

The following table is a reconciliation of the Company’s basic and diluted weighted average common shares for the years ended December 31, 2024 and 2023:

	Year Ended
	December 31,
	2024	2023
Basic weighted average shares	26,180,801	26,822,725
Effect of potential dilutive securities	—	15,000
Diluted weighted average shares	26,180,801	26,837,725

For the year ended December 31, 2024, there were no Common Stock options unexercised. For the year ended December 31, 2023, there was a total of 15 thousand Common Stock options unexercised. For the years ended December 31, 2024, and 2023, there were no anti-dilutive shares, nor warrants outstanding.

On March 14, 2023, a stock repurchase program was unanimously approved by the Company’s Board, which gave management authorization to purchase up to one million shares of the Company’s Common Stock, at a per-share price not to exceed $9.00, on the open market. The plan expires on March 31, 2026.

The following table lists the repurchase of Company shares for the year ended December 31, 2024:

	Total Number of	Average Price		Total Price		Shares Available
Fiscal Period	Shares Purchased	Paid per Share		Paid		to Purchase
Balance as of January 1, 2024	415,973	$	5.18	$	2,155,049	584,027
January 1 - 31, 2024	59,417		4.52		268,569	524,610
February 1 - 29, 2024	56,343		4.53		255,195	468,267
March 1 - 31, 2024	85,580		4.46		381,382	382,687
Balance as of March 31, 2024	617,313	$	4.96	$	3,060,195	382,687
April 1 - 30, 2024	30,891		4.66		143,840	351,796
May 1 - 31, 2024	37,672		4.65		175,257	314,124
June 1 - 30, 2024	83,526		4.74		396,242	230,598
Balance as of June 30, 2024	769,402	$	4.91	$	3,775,534	230,598
July 1 - 31, 2024	75,326		4.87		367,144	155,272
August 1 - 31, 2024	51,353		4.98		255,633	103,919
September 1 - 30, 2024	20,516		5.15		105,733	83,403
Balance as of September 30, 2024	916,597	$	4.91	$	4,504,044	83,403
October 1 - 31, 2024	11,787		5.25		61,905	71,616
November 1 - 30, 2024	546		5.26		2,874	71,070
December 1 - 31, 2024	—		—		-	71,070
Balance as of December 31, 2024	928,930	$	4.92	$	4,568,823	71,070

For the year ended December 31, 2024, the Company repurchased 512,957 shares for $2,413,774, for an average price of $4.71.