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SHAREHOLDERS’ EQUITY | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY Dividend Policy The following table is a schedule of dividends paid during 2024:
Dividend Payment Date | Amount per common share |  | Record Date
March 28, 2024 | $ | 0.0625 |  |  | March 8, 2024
June 21, 2024 | $ | 0.0625 |  |  | May 17, 2024
September 20, 2024 | $ | 0.0625 |  |  | August 23, 2024
December 20, 2024 | $ | 0.0625 |  |  | November 22, 2024
Aggregate per share amount paid in 2024 | $ | 0.2500 |  |  |
Preferred stock – Authorized preferred stock consists of 500,000 shares with a par value of $25 per share. No shares of preferred stock were issued and outstanding as of December 31, 2024 or 2023. Treasury stock On November 1, 2022, the Company announced that the Company’s board of directors formally ratified and approved a share buyback program. The board of directors also directed management to implement a Rule 10b5-1 trading plan (the “10b5-1 Plan”) to facilitate share purchases through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The 10b5-1 Plan provides for an aggregate purchase of currently outstanding common stock up to $30 million over a maximum period of 20 months. Payment for shares repurchased under the share buyback program will be funded using the Company's cash on hand and cash flow from operations. The below table shows the repurchases of equity securities related to the share repurchase program during the fiscal year ended December 31, 2024. The share buyback program was completed on March 12, 2024.
Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Programs |  | Maximum Amount that May Yet Be Used to Purchase Shares Under the Program
January 1, 2024 - January 31, 2024 |  | 446,366 |  | $ | 4.48 |  |  | 446,366 |  | $ | 3,516,205 |
February 1, 2024 - February 29, 2024 |  | 474,100 |  | $ | 4.22 |  |  | 474,100 |  | $ | 1,516,630 |
March 1, 2024 - March 12, 2024 |  | 347,137 |  | $ | 4.33 |  |  | 347,137 |  | $ | — |
Total |  | 1,267,603 |  |  |  | 1,267,603 |  |

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