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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended September 30, 2022 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, June 30, 2022 |  | $ | 206 |  |  | $ | 2,498,123 |  |  | $ | 10,907,253 |  |  | $ | (10,413,916) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 2,991,666 |
Net income |  | — |  |  | — |  |  | 411,393 |  |  | — |  |  | — |  |  | — |  |  | 411,393 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (368,490) |  |  | — |  |  | — |  |  | (368,490) |
Equity-based compensation |  | — |  |  | 26,686 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,686 |
Proceeds from Options exercised |  | — |  |  | 23,584 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,584 |
Treasury stock issued upon Option exercise |  | — |  |  | (9,581) |  |  | — |  |  | 9,581 |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2022 |  | $ | 206 |  |  | $ | 2,538,812 |  |  | $ | 11,318,646 |  |  | $ | (10,772,825) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,084,839 |
A summary of changes in shareholders’ equity for the nine months ended September 30, 2022 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, December 31, 2021 |  | $ | 206 |  |  | $ | 2,378,191 |  |  | $ | 10,047,839 |  |  | $ | (9,423,858) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,002,378 |
Net income |  | — |  |  | — |  |  | 1,270,807 |  |  | — |  |  | — |  |  | — |  |  | 1,270,807 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (1,384,193) |  |  | — |  |  | — |  |  | (1,384,193) |
Equity-based compensation |  | — |  |  | 58,441 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 58,441 |
Proceeds from Options exercised |  | — |  |  | 137,406 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 137,406 |
Treasury stock issued upon Option exercise |  | — |  |  | (35,226) |  |  | — |  |  | 35,226 |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2022 |  | $ | 206 |  |  | $ | 2,538,812 |  |  | $ | 11,318,646 |  |  | $ | (10,772,825) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,084,839 |
We repurchased 88,016 and 295,148 shares of our outstanding common stock during the three and nine months ended September 30, 2022, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 15,840 and 59,559 shares from the treasury account during the three and nine months ended September 30, 2022, respectively, in settlement of Option exercises. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares. A summary of changes in shareholders’ equity for the three months ended September 30, 2021 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, June 30, 2021 |  | $ | 206 |  |  | $ | 2,314,564 |  |  | $ | 9,381,177 |  |  | $ | (8,653,659) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,042,288 |
Net income |  | — |  |  | — |  |  | 332,081 |  |  | — |  |  | — |  |  | — |  |  | 332,081 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (398,489) |  |  | — |  |  | — |  |  | (398,489) |
Equity-based compensation |  | — |  |  | 15,009 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,009 |
Proceeds from Options exercised |  | — |  |  | 26,162 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,162 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (6,735) |  |  | — |  |  | 6,735 |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2021 |  | $ | 206 |  |  | $ | 2,349,000 |  |  | $ | 9,713,258 |  |  | $ | (9,045,413) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,017,051 |
A summary of changes in shareholders’ equity for the nine months ended September 30, 2021 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, December 31, 2020 |  | $ | 206 |  |  | $ | 2,214,426 |  |  | $ | 8,811,120 |  |  | $ | (7,922,678) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,103,074 |
Net income |  | — |  |  | — |  |  | 902,138 |  |  | — |  |  | — |  |  | — |  |  | 902,138 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (1,152,855) |  |  | — |  |  | — |  |  | (1,152,855) |
Equity-based compensation |  | — |  |  | 42,859 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,859 |
Proceeds from Options exercised |  | — |  |  | 121,835 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 121,835 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (30,120) |  |  | — |  |  | 30,120 |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2021 |  | $ | 206 |  |  | $ | 2,349,000 |  |  | $ | 9,713,258 |  |  | $ | (9,045,413) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,017,051 |
We repurchased 79,620 and 244,595 shares of our outstanding common stock during the three and nine months ended September 30, 2021, respectively. We issued 13,116 and 61,704 shares from the treasury account during the three and nine months ended September 30, 2021, respectively, in settlement of Option exercises and vesting of RSUs.

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