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Common Stock
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Equity [Text Block]

Note 8 — Common Stock

 

Common Stock

 

All issuances of common stock, including those issued pursuant to restricted stock or unit grants, are issued from the Company’s authorized but not issued and outstanding shares.

 

During 2026, certain employees, including two executive officers, surrendered an aggregate of 74,652 shares of restricted stock units for $1.3 million to cover income taxes due for the vesting of restricted shares. No forfeitures occurred during 2026.

 

During 2025, certain employees, including two executive officers, surrendered an aggregate of 135,672 shares of restricted stock units for $3.8 million to cover income taxes due for the vesting of restricted shares. Additionally, an aggregate of 1,357 shares of restricted stock granted in 2023 and 2024 with a value of approximately $38.1 thousand was forfeited during 2025.

 

A quarterly dividend of $0.25 per share for owners of record as of February 27, 2026 was declared on February 18, 2026 and paid on March 30, 2026. A quarterly dividend of $0.25 per share for owners of record as of March 3, 2025 was declared on February 18, 2025 and paid on March 31, 2025.

At the Market Offering

 

On July 1, 2022, the Company entered into an At the Market Issuance Sales Agreement (“ATM Agreement”) with B. Riley, as agent pursuant to which the Company may, from time to time, sell shares of its common stock, up to $75.0 million of common stock, in one or more offerings in amounts, prices and at terms that the Company will determine at the time of the offering.

 

As of March 31, 2026, the Company did not sell any shares of common stock under the ATM Agreement.

 

On October 29, 2025, the Company filed with the SEC a shelf registration statement pursuant to which it may issue, from time to time, up to $150.0 million of securities (which will be reduced by any amount of securities sold pursuant to the ATM Agreement) consisting of, or any combination of, common stock, preferred stock, debt securities, warrants, rights and/or units, in one or more offerings in amounts, prices and at terms that the Company will determine at the time of the offering. This registration statement replaced an essentially similar one filed in October 2022, which expired by law on its three-year anniversary. No shares were sold under such prior registration statement.

 

As of March 31, 2026, the Company has not sold any securities pursuant to its shelf registration statement.