STOCK REPURCHASE PLAN	12 Months Ended
Dec. 31, 2023
STOCK REPURCHASE PLAN
STOCK REPURCHASE PLAN	NOTE 10. STOCK REPURCHASE PLAN On October 22, 2014, the board of directors of Monarch authorized a stock repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan, the board of directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-18 of the Securities and Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements and other factors. The Repurchase Plan does not obligate the Company to acquire any particular amount of common stock and the plan may be suspended at any time at the Company’s discretion, and it will continue until exhausted. The actual timing, number and value of shares repurchased under the repurchase program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market economic conditions and applicable legal requirements. In December 2023, the Company purchased 84,503 shares of Company’s common stock on the open market under the Repurchase Plan. As of December 31, 2023, we have authorization to purchase up to 2,815,497 shares under the Repurchase Plan. After the balance sheet date and through the filing of Form 10-K for the year ended December 31, 2023, the Company purchased 123,958 shares of Company’s common stock on the open market under the Repurchase Plan at an average price of $68.55 per share.

STOCK REPURCHASE PLAN

12 Months Ended

Dec. 31, 2023

NOTE 10. STOCK REPURCHASE PLAN

On October 22, 2014, the board of directors of Monarch authorized a stock repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan, the board of directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-18 of the Securities and Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements and other factors. The Repurchase Plan does not obligate the Company to acquire any particular amount of common stock and the plan may be suspended at any time at the Company’s discretion, and it will continue until exhausted. The actual timing, number and value of shares repurchased under the repurchase program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market economic conditions and applicable legal requirements.

In December 2023, the Company purchased 84,503 shares of Company’s common stock on the open market under the Repurchase Plan. As of December 31, 2023, we have authorization to purchase up to 2,815,497 shares under the Repurchase Plan.

After the balance sheet date and through the filing of Form 10-K for the year ended December 31, 2023, the Company purchased 123,958 shares of Company’s common stock on the open market under the Repurchase Plan at an average price of $68.55 per share.