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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ EquityA summary of changes in shareholders’ equity for the three months ended September 30, 2023 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, June 30, 2023 |  | $ | 206 |  |  | $ | 2,747,687 |  |  | $ | 12,521,793 |  |  | $ | (11,116,423) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,153,263 |
Net income |  | — |  |  | — |  |  | 433,157 |  |  | — |  |  | — |  |  | — |  |  | 433,157 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (485,328) |  |  | — |  |  | — |  |  | (485,328) |
Equity-based compensation |  | — |  |  | 26,052 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,052 |
Proceeds from Options exercised |  | — |  |  | 45,439 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45,439 |
Treasury stock issued upon Option exercise |  | — |  |  | (18,151) |  |  | — |  |  | 18,151 |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2023 |  | $ | 206 |  |  | $ | 2,801,027 |  |  | $ | 12,954,950 |  |  | $ | (11,583,600) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,172,583 |
A summary of changes in shareholders’ equity for the nine months ended September 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 |  | — |  |  | — |  |  | 1,181,536 |  |  | — |  |  | — |  |  | — |  |  | 1,181,536 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (796,453) |  |  | — |  |  | — |  |  | (796,453) |
Equity-based compensation |  | — |  |  | 73,488 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 73,488 |
Proceeds from Options exercised |  | — |  |  | 207,163 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 207,163 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (79,638) |  |  | — |  |  | 79,638 |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2023 |  | $ | 206 |  |  | $ | 2,801,027 |  |  | $ | 12,954,950 |  |  | $ | (11,583,600) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,172,583 |
We repurchased 78,750 and 134,751 shares of our outstanding common stock during the three and nine months ended September 30, 2023, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 28,189 and 125,745 shares from the treasury account during the three and nine months ended September 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 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 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.

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