Common Stock and Earnings Per Share

3 Months Ended

Mar. 31, 2024

Common Stock and Earnings Per Share [Abstract]

4. Common Stock and Earnings Per Share

Net income of $4,327 and $3,653 for the three months ended March 31, 2024 and 2023, respectively, is used to calculate both basic and diluted earnings per share. Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus potentially dilutive shares. The dilutive effect of employee stock-based compensation is included in the computation of diluted earnings per share and is calculated using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation.

The following table summarizes the shares used in computing basic and diluted earnings per share:

	Three Months Ended March 31
	2024		2023

Weighted average common shares, basic		14,324,879		14,275,866
Effect of dilutive securities:
Employee stock-based compensation		2,827		3,837
Weighted average common shares, diluted		14,327,706		14,279,703

On March 11, 2013, the Board of Directors, or the Board, authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company’s common stock from time to time. The stock repurchase program has no specific end date and the Company may repurchase shares in the open market or through privately negotiated transactions. The Company may suspend or discontinue the repurchase program at any time. No shares were repurchased during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 618,004 shares remain authorized for repurchase.