BASIC AND DILUTED AVERAGE SHARES

9 Months Ended

Sep. 30, 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 three months ended September 30, 2024 and 2023:

	Three Months Ended
	September 30,
	2024	2023
Basic weighted average shares	26,061,748	26,809,778
Effect of potential dilutive securities	15,000	15,000
Diluted weighted average shares	26,076,748	26,824,778

The following table is a reconciliation of the Company’s basic and diluted weighted average common shares for the nine months ended September 30, 2024 and 2023:

	Nine Months Ended
	September 30,
	2024	2023
Basic weighted average shares	26,242,452	26,884,221
Effect of potential dilutive securities	15,000	15,000
Diluted weighted average shares	26,257,452	26,899,221

For three and nine months ended September 30, 2024 and 2023, there was a total of 15 thousand common stock options unexercised. For the three and nine months ended September 30, 2024 and 2023, 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 one 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.

The following table lists the repurchase of Company shares for the three and nine months ended September 30, 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

For the three months ended September 30, 2024, the Company repurchased 147,195 shares for $728,510, for an average price of $4.95.

For the nine months ended September 30, 2024, the Company repurchased 500,624 shares for $2,348,995, for an average price of $4.69.