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Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

(14.) SHAREHOLDERS’ EQUITY

The Company’s authorized capital stock consists of 50,201,533 shares of capital stock, 50,000,000 of which are common stock, par value $0.01 per share, and 201,533 of which are preferred stock, par value $100 per share, which is designated into two classes: Class A of which 1,533 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 172,848 and 172,921 shares of preferred stock issued and outstanding as of December 31, 2024 and 2023, respectively.

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

 

2024

 

 

 

 

 

 

 

 

 

Shares outstanding at beginning of year

 

 

15,407,406

 

 

 

692,150

 

 

 

16,099,556

 

Common stock issued

 

 

4,600,000

 

 

 

-

 

 

 

4,600,000

 

Restricted stock awards issued

 

 

22,011

 

 

 

(22,011

)

 

 

-

 

Restricted stock awards forfeited

 

 

(1,000

)

 

 

1,000

 

 

 

-

 

Restricted stock units released

 

 

64,989

 

 

 

(64,989

)

 

 

-

 

Stock awards

 

 

6,079

 

 

 

(6,079

)

 

 

-

 

Treasury stock purchases

 

 

(22,913

)

 

 

22,913

 

 

 

-

 

Shares outstanding at end of year

 

 

20,076,572

 

 

 

622,984

 

 

 

20,699,556

 

 

 

 

 

 

 

 

 

 

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

 

 

Common Stock Offering

On December 13, 2024, the Company completed a public, underwritten offering of 4,600,000 shares of common stock at $25.00 per share, which included 600,000 as a result of the underwriters exercise of their overallotment option. The Company received net proceeds of $108.6 million after deducting underwriting discounts and commissions and other offering expenses from the sale of its common stock. See Note 18, (Loss) Earnings Per Share, for additional information regarding the common stock offering.

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, 2024, there have been no shares repurchased under the 2022 Share Repurchase Program.

(14.) SHAREHOLDERS’ EQUITY (Continued)

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.

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, 2024 and 2023. 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 171,413 and 171,486 shares of Series B-1 8.48% preferred stock issued and outstanding as of December 31, 2024 and 2023, respectively. 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.