BASIC AND DILUTED AVERAGE SHARES

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Basic weighted average shares		26,419,039		26,924,631
Effect of potential dilutive securities		15,000		15,000
Diluted weighted average shares		26,434,039		26,939,631

For the three months ended March 31, 2024 and 2023, there was a total of 15,000 common stock options, warrants, and Restricted Stock Units (“RSUs”) unexercised. For the three months ended March 31, 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”), that gave management authorization to purchase up to one million (1,000,000) 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 as of March 31, 2024:

	Total Number		Average Price				Shares
Fiscal Period	of Shares Purchased		Paid per  Share		Total Price Paid		Available 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