BASIC AND DILUTED AVERAGE SHARES

12 Months Ended

Dec. 31, 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 years ended December 31, 2025 and 2024:

	Year Ended
	December 31,
	2025	2024
Basic weighted average shares	25,979,353	26,180,801
Effect of potential dilutive securities	—	—
Diluted weighted average shares	25,979,353	26,180,801

For the years ended December 31, 2025 and 2024, there were no Common Stock options unexercised. For the years ended December 31, 2025, and 2024, 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 1.0 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.

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 year ended December 31, 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	—		—		—	—
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
July 1 - 31, 2025	8,134		5.93		48,218	142,273
August 1 - 31, 2025	3,428		5.65		19,364	138,845
September 1 - 30, 2025	—		—		—	138,845
Balance as of September 30, 2025	961,155	$	4.95	$	4,757,731	138,845
October 1 - 31, 2025	—		—		—	138,845
November 1 - 30, 2025	—		—		—	138,845
December 1 - 31, 2025	—		—		—	138,845
Balance as of December 31, 2025	961,155	$	4.95	$	4,757,731	138,845

For the year ended December 31, 2025, the Company repurchased 32,225 shares for $188,908, for an average price of $5.86.

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.