Note 11 - Stockholders' Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

11.         Stockholders’ Equity and Earnings Per Share

Basic earnings per share of common stock 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		As of the
	Year Ended		Year Ended
	December 31, 2023		December 31, 2022
Weighted average shares outstanding for basic calculation		2,867		2,857
Dilutive effect of restricted stock		-		-
Weighted average shares outstanding for diluted calculation		2,867		2,857

For the years ended  December 31, 2023 and 2022, there were no stock options or restricted stock awards outstanding. 

On August 5, 2022, the Company's Board of Directors (the "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 years ended December 31, 2023 and 2022, the Company repurchased 8,785 and 2,699 shares of common stock, respectively, at a weighted average price per share of $6.92 and $7.74, respectively. The total cost of shares repurchased, inclusive of fees and commissions, during the year ended December 31, 2023 was $62,000, or $6.94 per share. The total cost of shares repurchased, inclusive of fees and commissions, during the year ended December 31, 2022 was $21,000, or $7.76 per share. Shares of common stock repurchased by the Company during these periods were retired. 

In addition to common stock, authorized capital includes 1,000,000 shares of “blank check” preferred stock. None were outstanding during the years ended December 31, 2023 and 2022. The Board is authorized to issue such stock in series and to fix the designation, powers, preferences, rights, limitations and restrictions with respect to any series of such shares. Such “blank check” preferred stock may rank prior to common stock as to dividend rights, liquidation preferences or both, may have full or limited voting rights and may be convertible into shares of common stock.