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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | (15.) SHAREHOLDERS’ EQUITY The Company’s authorized capital stock c onsists of 50,210,000 shares of capital stock, 50,000,000 of which are common stock, par value $0.01 per share, and 210,000 of which are preferred stock, par value $100 per share, which is designated into two classes: Class A of which 10,000 shares are authorized, and Class B of which 200,000 shares are authorized. There are two series of Class A preferred stock: Series A 3% preferred stock, and the Series A preferred stock. There is one series of Class B preferred stock: Series B-1 8.48% preferred stock. There were 172,921 shares of preferred stock issued and outstanding as of December 31, 2023 and 2022. Common Stock The following table sets forth the changes in the number of shares of common stock for the years ended December 31:
|  | Outstanding |  |  | Treasury |  |  | Issued |
2023 |  |  |  |  |  |  |  |  |
Shares outstanding at beginning of year |  |  | 15,340,001 |  |  |  | 759,555 |  |  |  | 16,099,556 |
Restricted stock awards issued |  |  | 20,185 |  |  |  | (20,185 | ) |  |  | - |
Restricted stock units released |  |  | 59,984 |  |  |  | (59,984 | ) |  |  | - |
Stock awards |  |  | 10,591 |  |  |  | (10,591 | ) |  |  | - |
Treasury stock purchases |  |  | (23,355 | ) |  |  | 23,355 |  |  |  | - |
Shares outstanding at end of year |  |  | 15,407,406 |  |  |  | 692,150 |  |  |  | 16,099,556 |
2022 |  |  |  |  |  |  |  |  |
Shares outstanding at beginning of year |  |  | 15,745,453 |  |  |  | 354,103 |  |  |  | 16,099,556 |
Restricted stock awards issued |  |  | 12,242 |  |  |  | (12,242 | ) |  |  | - |
Restricted stock units released |  |  | 55,912 |  |  |  | (55,912 | ) |  |  | - |
Stock awards |  |  | 7,856 |  |  |  | (7,856 | ) |  |  | - |
Treasury stock purchases |  |  | (481,462 | ) |  |  | 481,462 |  |  |  | - |
Shares outstanding at end of year |  |  | 15,340,001 |  |  |  | 759,555 |  |  |  | 16,099,556 |
2021 |  |  |  |  |  |  |  |  |
Shares outstanding at beginning of year |  |  | 16,041,926 |  |  |  | 57,630 |  |  |  | 16,099,556 |
Shares issued for Landmark Group acquisition |  |  | 12,831 |  |  |  | (12,831 | ) |  |  | - |
Restricted stock awards issued |  |  | 9,350 |  |  |  | (9,350 | ) |  |  | - |
Restricted stock units released |  |  | 24,069 |  |  |  | (24,069 | ) |  |  | - |
Stock awards |  |  | 5,972 |  |  |  | (5,972 | ) |  |  | - |
Treasury stock purchases |  |  | (348,695 | ) |  |  | 348,695 |  |  |  | - |
Shares outstanding at end of year |  |  | 15,745,453 |  |  |  | 354,103 |  |  |  | 16,099,556 |
Share Repurchase Programs In June 2022, the Company’s Board of Directors (“the Board”) authorized a share repurchase program for up to 766,447 shares of common stock (the “2022 Share Repurchase Program”). Repurchased shares are recorded in treasury stock, at cost, which includes any applicable transaction costs. As of December 31, 2023, there have been no shares repurchased under the 2022 Share Repurchase Program. In November 2020, the Board authorized a share repurchase program of common stock for up to 801,879 shares of common stock (the “2020 Share Repurchase Program”). The 2020 Repurchase Program was completed in March 2022. Under the 2020 Share Repurchase Program, 461,191 shares were repurchased at an average price of $31.99 during the first quarter of 2022, and 340,688 shares were repurchased at an average price of $26.44 during the year ended December 31, 2021. (15.) SHAREHOLDERS’ EQUITY (Continued) Preferred Stock Series A 3% Preferred Stock. There were 1,435 shares of Series A 3% preferred stock issued and outstanding as of December 31, 2023 and 2022. Holders of Series A 3% preferred stock are entitled to receive an annual dividend of $3.00 per share, which is cumulative and payable quarterly. Holders of Series A 3% preferred stock have no pre-emptive right to, or right to purchase or subscribe for, any additional shares of the Company’s capital stock and have no voting rights. Dividend or dissolution payments to the Class A shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments can be declared and paid, or set apart for payment, to the holders of Class B preferred stock or common stock. The Series A 3% preferred stock is not convertible into any other of the Company’s securities. Series B-1 8.48% Preferred Stock. There were 171,486 shares of Series B-1 8.48% preferred stock issued and outstanding as of December 31, 2023 and 2022. Holders of Series B-1 8.48% preferred stock are entitled to receive an annual dividend of $8.48 per share, which is cumulative and payable quarterly. Holders of Series B-1 8.48% preferred stock have no pre-emptive right to, or right to purchase or subscribe for, any additional shares of the Company’s common stock and have no voting rights. Accumulated dividends on the Series B-1 8.48% preferred stock do not bear interest, and the Series B-1 8.48% preferred stock is not subject to redemption. Dividend or dissolution payments to the Class B shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments are declared and paid, or set apart for payment, to the holders of common stock. The Series B-1 8.48% preferred stock is not convertible into any other of the Company’s securities.

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