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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ EquityA summary of changes in shareholders’ equity for the three months ended June 30, 2023 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, March 31, 2023 |  | $ | 206 |  |  | $ | 2,676,641 |  |  | $ | 12,117,766 |  |  | $ | (10,949,267) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,845,346 |
Net income |  | — |  |  | — |  |  | 404,027 |  |  | — |  |  | — |  |  | — |  |  | 404,027 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (201,077) |  |  | — |  |  | — |  |  | (201,077) |
Equity-based compensation |  | — |  |  | 25,159 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,159 |
Proceeds from Options exercised |  | — |  |  | 79,808 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79,808 |
Treasury stock issued upon Option exercise |  | — |  |  | (33,921) |  |  | — |  |  | 33,921 |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2023 |  | $ | 206 |  |  | $ | 2,747,687 |  |  | $ | 12,521,793 |  |  | $ | (11,116,423) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,153,263 |
A summary of changes in shareholders’ equity for the six months ended June 30, 2023 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, December 31, 2022 |  | $ | 206 |  |  | $ | 2,600,014 |  |  | $ | 11,773,414 |  |  | $ | (10,866,785) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,506,849 |
Net income |  | — |  |  | — |  |  | 748,379 |  |  | — |  |  | — |  |  | — |  |  | 748,379 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (311,125) |  |  | — |  |  | — |  |  | (311,125) |
Equity-based compensation |  | — |  |  | 47,436 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,436 |
Proceeds from Options exercised |  | — |  |  | 161,724 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 161,724 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (61,487) |  |  | — |  |  | 61,487 |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2023 |  | $ | 206 |  |  | $ | 2,747,687 |  |  | $ | 12,521,793 |  |  | $ | (11,116,423) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,153,263 |
We repurchased 34,827 and 56,001 shares of our outstanding common stock during the three and six months ended June 30, 2023, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 53,615 and 97,556 shares from the treasury account during the three and six months ended June 30, 2023, respectively, in settlement of Option exercises and vesting of RSUs. 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 June 30, 2022 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, March 31, 2022 |  | $ | 206 |  |  | $ | 2,416,660 |  |  | $ | 10,473,939 |  |  | $ | (10,165,206) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 2,725,599 |
Net income |  | — |  |  | — |  |  | 433,314 |  |  | — |  |  | — |  |  | — |  |  | 433,314 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (266,915) |  |  | — |  |  | — |  |  | (266,915) |
Equity-based compensation |  | — |  |  | 20,087 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,087 |
Proceeds from Options exercised |  | — |  |  | 79,581 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79,581 |
Treasury stock issued upon Option exercise |  | — |  |  | (18,205) |  |  | — |  |  | 18,205 |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2022 |  | $ | 206 |  |  | $ | 2,498,123 |  |  | $ | 10,907,253 |  |  | $ | (10,413,916) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 2,991,666 |
A summary of changes in shareholders’ equity for the six months ended June 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 |  | — |  |  | — |  |  | 859,414 |  |  | — |  |  | — |  |  | — |  |  | 859,414 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (1,015,703) |  |  | — |  |  | — |  |  | (1,015,703) |
Equity-based compensation |  | — |  |  | 31,755 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,755 |
Proceeds from Options exercised |  | — |  |  | 113,822 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 113,822 |
Treasury stock issued upon Option exercise |  | — |  |  | (25,645) |  |  | — |  |  | 25,645 |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2022 |  | $ | 206 |  |  | $ | 2,498,123 |  |  | $ | 10,907,253 |  |  | $ | (10,413,916) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 2,991,666 |
We repurchased 61,078 and 207,132 shares of our outstanding common stock during the three and six months ended June 30, 2022, respectively. We issued 30,396 and 43,719 shares from the treasury account during the three and six months ended June 30, 2022, respectively, in settlement of Option exercises.

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