Note 10 - Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

10. Stockholders’ Equity

Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands):

	As of the Three Months Ended
	March 31,		March 31,
	2023		2022
Weighted average shares outstanding for basic calculation		2,870		2,838
Add: Effect of dilutive stock awards		-		-
Weighted average shares outstanding, adjusted for diluted calculation		2,870		2,838

For the three month periods ended March 31, 2023 and 2022, the dilutive effect of stock options and restricted awards was not recognized since we had a net loss. For the three month period ended March 31, 2023, there were no outstanding stock awards. For the three month period ended March 31, 2022, 35,000 stock awards were excluded from the diluted per share calculation as they would be anti-dilutive.

On August 5, 2022, the Company’s board of directors (“Board”) authorized the repurchase of up to $1.5 million of shares of the Company’s common stock. The authorization does not obligate the Company to acquire a specific number of shares during any period and does not have an expiration date, but it may be modified, suspended, or discontinued at any time at the discretion of the Board. Repurchases may be made from time to time in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, and subject to the Company’s cash requirements for other purposes, and other factors it deems relevant.

During the three months ended March 31, 2023, the Company repurchased 170 shares of common stock, at a weighted average price per share of $7.74. The total cost of shares repurchased, inclusive of fees and commissions, during the three month period ended March 31, 2023 was $1,311, or $7.71 per share.

A reconciliation of the activity in Stockholders’ Equity accounts for the three months ended March 31, 2023 is as follows (in thousands):

	Common		Capital in Excess of		Retained			Noncontrolling
	Stock		Par Value		Earnings			Interest
Balance at January 1, 2023	$	54	$	30,491	$	2,777		$	104
Shares repurchased		-		-		(1	)		-
Net loss		-		-		(799	)		(39	)
Balance at March 31, 2023	$	54	$	30,491	$	1,977		$	65

A reconciliation of the activity in Stockholders’ Equity accounts for the three months ended March 31, 2022 is as follows (in thousands):

	Common		Capital in Excess of		Retained			Noncontrolling
	Stock		Par Value		Deficit			Interest
Balance at January 1, 2022	$	54	$	30,450	$	(942	)	$	-
Net loss		-		-		(577	)		-
Stock-based compensation expense		-		21		-			-
Balance at March 31, 2022	$	54	$	30,471	$	(1,519	)	$	-