BASIC AND DILUTED AVERAGE SHARES

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and 2025:

	Three Months Ended
	March 31,
	2026	2025
Basic weighted average shares	25,963,476	25,995,645
Effect of potential dilutive securities	—	—
Diluted weighted average shares	25,963,476	25,995,645

For three months ended March 31, 2026 and 2025, there were no Common Stock options unexercised. For the three months ended March 31, 2026 and 2025, there were no anti-dilutive shares.

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.

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 stock repurchase program expires on March 31, 2028.

The following table lists the repurchase of Company shares for the three months ended March 31, 2026:

	Total Number of	Average Price		Total Price		Shares Available
Fiscal Period	Shares Purchased	Paid per Share		Paid		to Purchase
Balance as of January 1, 2026	961,155	$	4.95	$	4,757,731	138,845
January 1 - 31, 2026	—		—		—	138,845
February 1 - 28, 2026	—		—		—	138,845
March 1 - 31, 2026	—		—		—	138,845
Balance as of March 31, 2026	961,155	$	4.95	$	4,757,731	138,845

For the three months ended March 31, 2026, the Company had no share repurchases.