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BASIC AND DILUTED AVERAGE SHARES

6 Months Ended

Jun. 30, 2023

BASIC AND DILUTED AVERAGE SHARES

BASIC AND DILUTED AVERAGE SHARES

NOTE 12 — BASIC AND DILUTED AVERAGE SHARES

A reconciliation of basic and diluted weighted average common shares for the three months ended June 30, 2023 and 2022 is as follows:

		For the Three Months Ended
		June 30,
		2023				2022
Basic weighted average shares			26,916,648				26,924,631
Effect of potential dilutive securities			15,000				15,000
Diluted weighted average shares			26,931,648				26,939,631

For the three months ended June 30, 2023 and 2022, there was a total of 15,000 common stock options, warrants, and Restricted Stock Units (RSUs) unexercised. For the three months ended June 30, 2023 and 2022, there were no anti-dilutive shares.

A reconciliation of basic and diluted weighted average common shares for the six months ended June 30, 2023 and 2022 is as follows:

		For the Six Months Ended
		June 30,
		2023				2022
Basic weighted average shares			26,920,618				26,924,631
Effect of potential dilutive securities			15,000				15,000
Diluted weighted average shares			26,935,618				26,939,631

For the six months ended June 30, 2023 and 2022, there was a total of 15,000 common stock options, warrants, and Restricted Stock Units (RSUs) unexercised. For the six months ended June 30, 2023 and 2022, there were no anti-dilutive shares.

On March 14, 2023, a stock repurchase program was unanimously approved by the Company’s Board of Directors (the “Board”), that gave management authorization to purchase up to one million (1,000,000) shares of the Company’s stock, of a per-share price not to exceed $9, on the open market. The plan expires on March 31, 2026.

The following lists the repurchase of Company shares for the three and six months ended June 30, 2023:

														Shares available
		Total Number of				Average Price								to purchase under
Fiscal Period		Shares Purchased				Paid per Share				Total $ Purchase				the plan
April 1 - 30, 2023			-				-				-				1,000,000
May 1 - 31, 2023			17,029			$	6.73			$	114,621				982,971
June 1 - 30, 2023			10,392			$	7.72			$	80,199				972,579
Total			27,421			$	7.10			$	194,820				972,579

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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