Note 10 - Stockholders' Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Equity [Text Block]

10.         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, 2024		December 31, 2023
Weighted average shares outstanding for basic calculation		2,833		2,867
Dilutive effect of restricted stock		-		-
Weighted average shares outstanding for diluted calculation		2,833		2,867

For the years ended  December 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 "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 (the “2024 Repurchase Program”) and discontinued the 2022 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 years ended December 31, 2024 and 2023, the Company repurchased 48,333 and 8,785 shares of common stock, respectively, at a weighted average price per share of $5.00 and $6.92, respectively. The total cost of shares repurchased, inclusive of fees and commissions, during the year ended December 31, 2024 was $243,000, or $5.02 per share. 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. 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, 2024 and 2023. 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.