Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Event

In November 2000, the Company’s Board of Directors authorized the repurchase of up to $30,000,000 of the Company’s Common Stock (the “November 2000 Plan”). The November 2000 Plan authorized the Company to make such repurchases from time to time in the open market or through privately negotiated transactions. As of June 30, 2024, the Company had approximately $8,541,000 remaining available for repurchases of the Company’s Common Stock under the November 2000 Plan. In July 2024, the Company’s Board of Directors authorized the repurchase of up to $100,000,000 of the Company’s Common Stock (the “New Repurchase Authorization”), which replaces, in its entirety, the November 2000 Plan. No further repurchases will be made pursuant to the November 2000 Plan. The timing and amounts of Common Stock repurchases pursuant to the New Repurchase Authorization are at the discretion of the Company’s President and Chief Executive Officer based upon economic and financial market conditions. The New Repurchase Authorization does not expire.