BASIC AND DILUTED AVERAGE SHARES

6 Months Ended

Jun. 30, 2025

BASIC AND DILUTED AVERAGE SHARES

BASIC AND DILUTED AVERAGE SHARES

NOTE 12 — BASIC AND DILUTED AVERAGE SHARES

The following table is a reconciliation of the Company’s basic and diluted weighted average common shares for the three months ended June 30, 2025 and 2024:

	Three Months Ended
	June 30,
	2025	2024
Basic weighted average shares	25,991,979	26,248,554
Effect of potential dilutive securities	—	15,000
Diluted weighted average shares	25,991,979	26,263,554

The following table is a reconciliation of the Company’s basic and diluted weighted average common shares for the six months ended June 30, 2025 and 2024:

	Six Months Ended
	June 30,
	2025	2024
Basic weighted average shares	25,993,802	26,333,796
Effect of potential dilutive securities	—	15,000
Diluted weighted average shares	25,993,802	26,348,796

For three and six months ended June 30, 2025 and 2024, there were 0 and 15 thousand Common Stock options unexercised, respectively. For the three and six months ended June 30, 2025 and 2024, there were no anti-dilutive shares.

On March 14, 2023, a stock repurchase program was unanimously approved by the Company’s Board of Directors (the “Board”), which gave management authorization to purchase up to 1.0 million shares of the Company’s stock, at a per-share price not to exceed $9.00, on the open market. The plan expires on March 31, 2026.

On March 27, 2025, the Board unanimously approved the repurchase of an additional 100 thousand shares of the Common Stock, bringing the total authorization under the existing repurchase program to 1.1 million shares.

The following table lists the repurchase of Company shares for the three and six months ended June 30, 2025:

	Total Number of	Average Price		Total Price		Shares Available
Fiscal Period	Shares Purchased	Paid per Share		Paid		to Purchase
Balance as of January 1, 2025	928,930	$	4.92	$	4,568,823	71,070
January 1 - 31, 2025	—		—		—	71,070
February 1 - 28, 2025	—		—		—	71,070
March 1 - 31, 2025	500		5.25		2,626	170,570
Balance as of March 31, 2025	929,430	$	4.92	$	4,571,449	170,570
April 1 - 30, 2025	—		—		—	170,570
May 1 - 31, 2025	—		—		—	170,570
June 1 - 30, 2025	20,163		5.89		118,700	150,407
Balance as of June 30, 2025	949,593	$	4.94	$	4,690,149	150,407

For the three months ended June 30, 2025, the Company repurchased 20,163 shares for $118,700, for an average price of $5.89.

For the six months ended June 30, 2025, the Company repurchased 20,663 shares for $121,326, for an average price of $5.87.