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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 7. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Weighted-average number of shares of common stock for calculating basic earnings per share |  |  | 24,551 |  |  |  | 24,487 |  |  |  | 24,538 |  |  |  | 24,461 |
Effect of potentially dilutive securities from equity-based compensation |  |  | 16 |  |  |  | 38 |  |  |  | 26 |  |  |  | 66 |
Weighted-average number of shares of common stock for calculating diluted earnings per share |  |  | 24,567 |  |  |  | 24,525 |  |  |  | 24,564 |  |  |  | 24,527 |
There were no anti-dilutive securities excluded from the computation of diluted earnings per share for the nine months ended September 30, 2024, and 1,800 anti-dilutive securities excluded from the computation of diluted earnings per share for the nine months ended September 30, 2023. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In September 2024, the Company's Board of Directors increased the capacity under the share repurchase program by authorizing the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the "Repurchase Plan"), an increase from the 1,309,805 remaining shares authorized for repurchase under the Repurchase Plan established in August 2015. The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. There were no shares repurchased during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024, 2,000,000 shares were authorized for repurchase under the Repurchase Plan.

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