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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity

8. Stockholders' Equity

Net Income Per Common Share

Net income per common share, as shown on the accompanying Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Weighted average common shares outstanding basic

 

 

37,393,620

 

 

 

37,220,456

 

 

 

37,361,228

 

 

 

37,102,761

 

Dilutive effect of stock options and restricted stock

 

 

188,442

 

 

 

—

 

 

 

142,936

 

 

 

147,751

 

Weighted average common shares outstanding diluted

 

 

37,582,062

 

 

 

37,220,456

 

 

 

37,504,164

 

 

 

37,250,512

 

The dilutive effect of stock options and restricted stock was computed using the treasury stock method. Because the Company incurred a net loss for the quarter ended September 30, 2024, basic and diluted shares are the same. If the Company was in a net income position during the quarter ended September 30, 2024, diluted shares would include an additional 2,280 shares of common stock.

Options to purchase 6,973 and 10,347 shares of common stock that were outstanding for the quarter and nine months ended September 30, 2025, respectively were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive. Options to purchase 13,664 and 10,290 shares of common stock that were outstanding for the quarter and nine months ended September 30, 2024, respectively were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive.

Share Repurchases

On February 27, 2025, the Company's Board of Directors authorized the repurchase of up to $10.0 million in shares of its Common Stock effective March 10, 2025 (the “2025 Repurchase Program”). The 2025 Repurchase Program replaces the Company’s previously authorized 2013 repurchase program, which is hereby terminated, and will end on the first to occur of reaching the maximum amount of $10.0 million in repurchases or December 31, 2025. Repurchases under the 2025 repurchase program may be made in the open market at prevailing market prices, through accelerated share repurchases, through privately negotiated transactions, in block trades, and/or

through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and the Company’s insider trading policy.

Under the 2025 Repurchase Program the Company repurchased a total of 30,579 and 147,463 shares for $0.5 million and $2.0 million at an average cost of $16.37 and $13.57 per share, exclusive of commissions and excise tax during the quarter and nine months ended September 30, 2025, respectively. As of September 30, 2025, there was approximately $8.0 million in remaining funds authorized under the 2025 Repurchase Program.