BASIC AND DILUTED AVERAGE SHARES

6 Months Ended

Jun. 30, 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 June 30, 2024 and 2023:

	For the Three Months Ended
	June 30,
	2024		2023
Basic weighted average shares		26,248,554		26,916,648
Effect of potential dilutive securities		15,000		15,000
Diluted weighted average shares		26,263,554		26,931,648

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

	For the Six Months Ended
	June 30,
	2024		2023
Basic weighted average shares		26,333,796		26,920,618
Effect of potential dilutive securities		15,000		15,000
Diluted weighted average shares		26,348,796		26,935,618

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

For the three months ended June 30, 2024, the Company repurchased 152,089 shares for $715,339, for an average price of $4.70.

For the six months ended June 30, 2024, the Company repurchased 353,429 shares for $1,620,485, for an average price of $4.58.