Note 10 - Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Equity [Text Block]

10. 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,
	2025		2024		2025		2024
Weighted average shares outstanding for basic calculation		5,221		2,813		3,520		2,840
Add: Effect of dilutive stock awards		-		-		-		-
Weighted average shares outstanding, adjusted for diluted calculation		5,221		2,813		3,520		2,840

For the three- and nine-month periods ended September 30, 2025 and 2024, there were no stock options or restricted stock awards outstanding. 

On May 14, 2024, 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 "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 and nine months ended September 30, 2025, the Company repurchased 16,751 and 508,377 shares of common stock, respectively, at a weighted average price per share of $7.80, 402,322 shares of which were repurchased outside of, and as an exception to, the 2024 Repurchase Program. The total cost of shares repurchased, inclusive of fees and commissions, during the three and nine months ended September 30, 2025 was approximately $0.1 million and $4.0 million, respectively, or $7.80 per share.  

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 $0.2 million or $5.02 per share. The Company did not repurchase any shares of common stock during the three months ended September 30, 2024.

During the three and nine months ended September 30, 2025 and 2024, the Company did not declare or pay any dividends to its holders of common stock.

Effective September 2, 2025, the Company amended its Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”) to reduce the number of authorized shares to 8,000,000 shares which are divided into two classes as follows: (a) 7,000,000 shares of common stock, $0.02 par value per share; and (b) 1,000,000 shares of Blank Check Preferred Stock, $0.01 par value per share (the “Amendment”). The Certificate of Incorporation previously provided that the number of authorized shares was 36,000,000 shares which were divided into two classes as follows: (a) 35,000,000 shares of common stock, $0.02 par value per share; and (b) 1,000,000 shares of Blank Check Preferred Stock, $0.01 par value per share. No issued shares of the Company are impacted by the Amendment; the Amendment only reduces the Company’s authorized but unissued shares.