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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Estimates The financial statements are prepared by management in conformity with GAAP and include estimated amounts and certain disclosures based on assumptions about future events. The Company’s critical accounting estimates include the following areas: revenue recognition, goodwill and intangibles in business combinations and when required, the quantitative assessment of goodwill. Actual results could differ from those estimates. Computation of Weighted Average Shares The following table sets forth the computation of basic and diluted common shares:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | (Amounts in thousands) |  |  | (Amounts in thousands) |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Weighted average number of shares outstanding for basic per share calculation |  |  | 16,002 |  |  |  | 15,854 |  |  |  | 15,975 |  |  |  | 15,833 |
Effect of dilutive potential shares: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 237 |  |  |  | 241 |  |  |  | 245 |  |  |  | 237 |
Restricted stock awards |  |  | 44 |  |  |  | 36 |  |  |  | 84 |  |  |  | 43 |
Adjusted weighted average shares outstanding for diluted per share calculation |  |  | 16,283 |  |  |  | 16,131 |  |  |  | 16,304 |  |  |  | 16,113 |
Anti-dilutive shares: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 61 |  |  |  | 111 |  |  |  | 61 |  |  |  | 111 |
Restricted stock awards |  |  | 77 |  |  |  | 81 |  |  |  | 1 |  |  |  | 19 |
Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU was adopted prospectively on January 1, 2023. The additional disclosures required did no t have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, and other transactions subject to meeting certain criteria, that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. Therefore, it was in effect for a limited time through December 31, 2022. The ASU could be adopted no later than December 1, 2022 with early adoption permitted. As discussed further in Note 7 and pursuant to the Third Amendment to Amended and Restated Credit Agreement dated as of April 26, 2023, the Company amended its credit facility to replace LIBOR with the secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) as the benchmark reference rate for loans under its credit facility. The transition to SOFR did not and is not expected to have a material impact on the Company’s results of operations or liquidity.

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