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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended March 31, 2024 is presented below:
|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, December 31, 2023 |  | $ | 206 |  |  | $ | 2,848,528 |  |  | $ | 13,365,025 |  |  | $ | (11,849,034) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,364,725 |
Net income |  | — |  |  | — |  |  | 394,269 |  |  | — |  |  | — |  |  | — |  |  | 394,269 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (498,776) |  |  | — |  |  | — |  |  | (498,776) |
Equity-based compensation |  | — |  |  | 17,141 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,141 |
Proceeds from Options exercised |  | — |  |  | 67,022 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67,022 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (26,984) |  |  | — |  |  | 26,984 |  |  | — |  |  | — |  |  | — |
Balance, March 31, 2024 |  | $ | 206 |  |  | $ | 2,905,707 |  |  | $ | 13,759,294 |  |  | $ | (12,320,826) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,344,381 |
A summary of changes in shareholders’ equity for the three months ended March 31, 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 |  | — |  |  | — |  |  | 344,352 |  |  | — |  |  | — |  |  | — |  |  | 344,352 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (110,048) |  |  | — |  |  | — |  |  | (110,048) |
Equity-based compensation |  | — |  |  | 22,277 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22,277 |
Proceeds from Options exercised |  | — |  |  | 81,916 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 81,916 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (27,566) |  |  | — |  |  | 27,566 |  |  | — |  |  | — |  |  | — |
Balance, March 31, 2023 |  | $ | 206 |  |  | $ | 2,676,641 |  |  | $ | 12,117,766 |  |  | $ | (10,949,267) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 3,845,346 |
We repurchased 66,858 and 21,174 shares of our outstanding common stock during the three months ended March 31, 2024 and 2023, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 38,977 and 43,941 shares from the treasury account during the three months ended March 31, 2024 and 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.

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