Note 11 - Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Equity [Text Block]

11. 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):

	Three Months
	Ended
	March 31,		March 31,
	2024		2023
Weighted average shares outstanding for basic calculation		2,862		2,870
Add: Effect of dilutive stock awards		-		-
Weighted average shares outstanding, adjusted for diluted calculation		2,862		2,870

For the three month periods ended March 31, 2024 and 2023, 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. The Company's Rule 10b5-1/Rule 10b-18 Repurchase Plan in connection with the Company’s repurchases of shares of common stock expired on December 31, 2023 and was not renewed. 

During the three months ended March 31, 2024, the Company did not repurchase any shares. During the three months ended March 31, 2023, the Company purchased 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.

During the three months ended March 31, 2024 and  March 31, 2023, the Company did not declare or pay any dividends to its holders of common stock.