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Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

(9.) SHAREHOLDERS’ EQUITY

Common Stock

The changes in shares of common stock were as follows for the three months ended March 31, 2025 and 2024:

 

 

 

Outstanding

 

 

Treasury

 

 

Issued

 

2025

 

 

 

 

 

 

 

 

 

Shares at December 31, 2024

 

 

20,076,572

 

 

 

622,984

 

 

 

20,699,556

 

Restricted stock awards issued

 

 

667

 

 

 

(667

)

 

 

—

 

Stock awards

 

 

654

 

 

 

(654

)

 

 

—

 

Restricted stock units released

 

 

50,270

 

 

 

(50,270

)

 

 

—

 

Treasury stock purchases

 

 

(18,451

)

 

 

18,451

 

 

 

—

 

Shares at March 31, 2025

 

 

20,109,712

 

 

 

589,844

 

 

 

20,699,556

 

2024

 

 

 

 

 

 

 

 

 

Shares at December 31, 2023

 

 

15,407,406

 

 

 

692,150

 

 

 

16,099,556

 

Restricted stock units released

 

 

60,989

 

 

 

(60,989

)

 

 

—

 

Treasury stock purchases

 

 

(21,446

)

 

 

21,446

 

 

 

—

 

Shares at March 31, 2024

 

 

15,446,949

 

 

 

652,607

 

 

 

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.

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 March 31, 2025, no shares have been repurchased under the 2022 Share Repurchase Program.