Note 11 - Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Equity [Text Block]

11. Stockholders’ Equity

Basic earnings (loss) 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 (loss) per share. Basic and diluted earnings (loss) per share are calculated using the following share data (in thousands):

	Three Months				Nine Months
	Ended				Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Weighted average shares outstanding for basic calculation		2,813		2,865		2,840		2,868
Add: Effect of dilutive stock awards		-		-		-		-
Weighted average shares outstanding, adjusted for diluted calculation		2,813		2,865		2,840		2,868

For the three- and nine-month periods ended September 30, 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 "2022 Repurchase Program"). The authorization did not obligate the Company to acquire a specific number of shares during any period and did not have an expiration date, but it could be modified, suspended, or discontinued at any time at the discretion of the Board. Repurchases under the 2022 Repurchase Program could 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 deemed 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. 

On May 14, 2024, the Board authorized the repurchase of up to $1.5 million of shares of the Company’s common stock and discontinued the 2022 Repurchase Program (the “2024 Repurchase Program”). The authorization does not obligate the Company to acquire a specific number of shares during any period and does not have an expiration date. Repurchases under the 2024 Repurchase Program may be made from time to time in the open market, or through privately negotiated transactions or otherwise, in such quantities, at such prices, in such manner and on such terms and conditions as the authorized officers of the Company determine are in the best interests of the Company. Repurchases may also be made under a plan adopted pursuant to Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

During the three months ended September 30, 2024, the Company did not repurchase any shares of common stock. During the nine months ended September 30, 2024, the Company repurchased 48,333 shares of common stock, at a weighted average price per share of $5.00. The total cost of shares repurchased, inclusive of fees and commissions, during the nine months ended September 30, 2024 was $242,632, or $5.02 per share. 

During the three months ended  September 30, 2023, the Company repurchased 2,669 shares of common stock, at a weighted average price per share of $7.10. The total cost of shares repurchased, inclusive of fees and commissions, during the three-month period ended  September 30, 2023 was approximately $18,000, or $7.12 per share. During the nine months ended September 30, 2023, the Company repurchased 7,104 shares of common stock, at a weighted average price per share of $7.13. The total cost of shares repurchased, inclusive of fees and commissions, during the nine-month period ended September 30, 2023 was approximately $51,000, or $7.15 per share. 

During the three and nine months ended September 30, 2024 and  September 30, 2023, the Company did not declare or pay any dividends to its holders of common stock.