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INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY | 5. INCOME (LOSS) PER SHARE AND SHAREHOLDERS’ EQUITY Income (Loss) Per Share The following table presents the computation of basic and diluted income per share for the three months ended March 31, 2024 and 2023 (in thousands, except per share data):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |
Net income |  | $ | 6,240 |  |  | $ | 641 |
Denominator: |  |  |  |  |  |
Weighted average basic shares |  |  | 16,215 |  |  |  | 15,994 |
Effect of dilutive share-based awards |  |  | 540 |  |  |  | 365 |
Weighted average diluted shares |  |  | 16,755 |  |  |  | 16,359 |
Basic income per share |  | $ | 0.38 |  |  | $ | 0.04 |
Diluted income per share |  | $ | 0.37 |  |  | $ | 0.04 |
Shareholders’ Equity On December 1, 2023, our Board approved a share repurchase program (“Share Repurchase Program”) authorizing the repurchase of up to $5.0 million of our outstanding common stock, effective from December 15, 2023 through December 15, 2024. The timing and amount of any share repurchases is at the discretion of management and may be made from time to time through transactions in the open market, in privately negotiated transactions or by other means in accordance with applicable laws. The Share Repurchase Program does not obligate us to repurchase any shares of common stock and may be modified, increased, suspended or terminated at the discretion of our Board. During the three months ended March 31, 2024, we repurchased 60,860 shares of our common stock for $0.3 million, and at March 31, 2024, we had remaining authorization to purchase $4.6 million under the Share Repurchase Program.

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