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Treasury Stock
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Treasury Stock

Note 9. Treasury Stock

The Company’s Board of Directors (the Board) initiated a share repurchase program in February 2010. In July 2025, the Board reauthorized this program with a limit of $25.0 million with no expiration date. As of September 30, 2025, $24.9 million was available for future repurchases under the share repurchase program. The repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company's common stock and may be modified, increased, suspended or terminated at the discretion of the Board. The Board's determinations will depend on a variety of factors including, but not limited to, the market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital.

During the three months ended September 30, 2025, the Company repurchased 30,860 shares of its common stock under the share repurchase program for $1.3 million, or an average price of $43.72 per share, including commissions and excise tax. During the nine months ended September 30, 2025, the Company repurchased 93,617 shares of its common stock under the share repurchase program for $4.1 million, or an average price of $44.26 per share, including commissions and excise tax.

During the three months ended September 30, 2024, the Company repurchased 21,586 shares of its common stock under the share repurchase program for 1.0 million, or an average price of $46.79 per share, including commissions and excise tax. During the nine months ended September 30, 2024, the Company repurchased 113,411 shares of its common stock under the share repurchase program for $5.1 million, or an average price of $45.16 per share, including commissions and excise tax.