BASIC AND DILUTED AVERAGE SHARES

3 Months Ended

Mar. 31, 2023

BASIC AND DILUTED AVERAGE SHARES

BASIC AND DILUTED AVERAGE SHARES

NOTE 12 — BASIC AND DILUTED AVERAGE SHARES

A reconciliation of basic and diluted weighted average common shares for the three months ended March 31, 2023 and 2022 is as follows:

	For the Three Months Ended
	March 31,
	2023		2022
Basic weighted average shares		26,924,631		26,924,631
Effect of potential dilutive securities		15,000		15,000
Diluted weighted average shares		26,939,631		26,939,631

For the three months ended March 31, 2023 and 2022, there was a total of 15,000 common stock options, warrants, and Restricted Stock Units (RSUs) unexercised, respectively. For the three months ended March 31, 2023 and 2022, there were no anti-dilutive shares.

On March 14, 2023, a stock repurchase program was unanimously approved by the Company’s Board of Directors, with gives management authorization to purchase up to one million (1,000,000) shares of the Company’s stock, of a per-share price not to exceed $9, on the open market.