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BASIC AND DILUTED AVERAGE SHARES | 6 Months Ended
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Jun. 30, 2024
BASIC AND DILUTED AVERAGE SHARES |
BASIC AND DILUTED AVERAGE SHARES | NOTE 12 — BASIC AND DILUTED AVERAGE SHARES The following table is a reconciliation of the Company’s basic and diluted weighted average common shares for the three months ended June 30, 2024 and 2023:
|  | For the Three Months Ended |
|  | June 30, |
|  | 2024 |  |  | 2023 |
Basic weighted average shares |  |  | 26,248,554 |  |  |  | 26,916,648 |
Effect of potential dilutive securities |  |  | 15,000 |  |  |  | 15,000 |
Diluted weighted average shares |  |  | 26,263,554 |  |  |  | 26,931,648 |
The following table is a reconciliation of the Company’s basic and diluted weighted average common shares for the six months ended June 30, 2024 and 2023:
|  | For the Six Months Ended |
|  | June 30, |
|  | 2024 |  |  | 2023 |
Basic weighted average shares |  |  | 26,333,796 |  |  |  | 26,920,618 |
Effect of potential dilutive securities |  |  | 15,000 |  |  |  | 15,000 |
Diluted weighted average shares |  |  | 26,348,796 |  |  |  | 26,935,618 |
For the three and six months ended June 30, 2024, and 2023, there was a total of 15 thousand common stock options unexercised. For the three and six months ended June 30, 2024, and 2023, 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”), which gave management authorization to purchase up to one million shares of the Company’s stock, at a per-share price not to exceed $9.00, on the open market. The plan expires on March 31, 2026. The following table lists the repurchase of Company shares for the three and six months ended June 30, 2024:
|  | Total Number of |  |  | Average Price |  |  | Total Price |  |  | Shares Available |
Fiscal Period |  | Shares Purchased |  |  | Paid per Share |  |  | Paid |  |  | to Purchase |
Balance as of January 1, 2024 |  |  | 415,973 |  |  | $ | 5.18 |  |  | $ | 2,155,049 |  |  |  | 584,027 |
January 1 - 31, 2024 |  |  | 59,417 |  |  |  | 4.52 |  |  |  | 268,569 |  |  |  | 524,610 |
February 1 - 29, 2024 |  |  | 56,343 |  |  |  | 4.53 |  |  |  | 255,195 |  |  |  | 468,267 |
March 1 - 31, 2024 |  |  | 85,580 |  |  |  | 4.46 |  |  |  | 381,382 |  |  |  | 382,687 |
Balance as of March 31, 2024 |  |  | 617,313 |  |  | $ | 4.96 |  |  | $ | 3,060,195 |  |  |  | 382,687 |
April 1 - 30, 2024 |  |  | 30,891 |  |  |  | 4.66 |  |  |  | 143,840 |  |  |  | 351,796 |
May 1 - 31, 2024 |  |  | 37,672 |  |  |  | 4.65 |  |  |  | 175,257 |  |  |  | 314,124 |
June 1 - 30, 2024 |  |  | 83,526 |  |  |  | 4.74 |  |  |  | 396,242 |  |  |  | 230,598 |
Balance as of June 30, 2024 |  |  | 769,402 |  |  | $ | 4.91 |  |  | $ | 3,775,534 |  |  |  | 230,598 |
For the three months ended June 30, 2024, the Company repurchased 152,089 shares for $715,339, for an average price of $4.70. For the six months ended June 30, 2024, the Company repurchased 353,429 shares for $1,620,485, for an average price of $4.58.

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