Common Stock and Earnings Per Share

6 Months Ended

Jun. 30, 2025

Common Stock and Earnings Per Share [Abstract]

3. Common Stock and Earnings Per Share

Net income of $5,052 and $4,993 for the three months ended June 30, 2025 and 2024, respectively, and $8,690 and $9,320 for the six months ended June 30, 2025 and 2024, 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 June 30				Six Months Ended June 30
	2025		2024		2025		2024

Weighted average common shares, basic		14,396,648		14,340,575		14,388,712		14,332,727
Effect of dilutive securities:
Employee stock-based compensation		–		257		–		214
Weighted average common shares, diluted		14,396,648		14,340,832		14,388,712		14,332,941

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 or six months ended June 30, 2025 and 2024. As of June 30, 2025, 618,004 shares remain authorized for repurchase.