| 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 years ended December 31, 2025 and 2024: | | | | | | | | Year Ended | | | | December 31, | | | | 2025 | | 2024 | | | | | | | | Basic weighted average shares | | 25,979,353 | | 26,180,801 | | Effect of potential dilutive securities | | — | | — | | | | | | | | Diluted weighted average shares | | 25,979,353 | | 26,180,801 | |
For the years ended December 31, 2025 and 2024, there were no Common Stock options unexercised. For the years ended December 31, 2025, and 2024, there were no anti-dilutive shares, nor warrants outstanding. On March 14, 2023, a stock repurchase program was unanimously approved by the Company’s Board, which gave management authorization to purchase up to 1.0 million shares of the Company’s Common Stock, at a per-share price not to exceed $9.00, on the open market. The plan expires on March 31, 2026. On March 27, 2025, the Board unanimously approved the repurchase of an additional 100 thousand shares of the Common Stock, bringing the total authorization under the existing repurchase program to 1.1 million shares. The following table lists the repurchase of Company shares for the year ended December 31, 2025: | | | | | | | | | | | | | Total Number of | | Average Price | | Total Price | | Shares Available | Fiscal Period | | Shares Purchased | | Paid per Share | | Paid | | to Purchase | Balance as of January 1, 2025 | | 928,930 | | $ | 4.92 | | $ | 4,568,823 | | 71,070 | | | | | | | | | | | | January 1 - 31, 2025 | | — | | | — | | | — | | 71,070 | February 1 - 28, 2025 | | — | | | — | | | — | | 71,070 | March 1 - 31, 2025 | | 500 | | | 5.25 | | | 2,626 | | 170,570 | | | | | | | | | | | | Balance as of March 31, 2025 | | 929,430 | | $ | 4.92 | | $ | 4,571,449 | | 170,570 | | | | | | | | | | | | April 1 - 30, 2025 | | — | | | — | | | — | | 170,570 | May 1 - 31, 2025 | | — | | | — | | | — | | — | June 1 - 30, 2025 | | 20,163 | | | 5.89 | | | 118,700 | | 150,407 | | | | | | | | | | | | Balance as of June 30, 2025 | | 949,593 | | $ | 4.94 | | $ | 4,690,149 | | 150,407 | | | | | | | | | | | | July 1 - 31, 2025 | | 8,134 | | | 5.93 | | | 48,218 | | 142,273 | August 1 - 31, 2025 | | 3,428 | | | 5.65 | | | 19,364 | | 138,845 | September 1 - 30, 2025 | | — | | | — | | | — | | 138,845 | | | | | | | | | | | | Balance as of September 30, 2025 | | 961,155 | | $ | 4.95 | | $ | 4,757,731 | | 138,845 | | | | | | | | | | | | October 1 - 31, 2025 | | — | | | — | | | — | | 138,845 | November 1 - 30, 2025 | | — | | | — | | | — | | 138,845 | December 1 - 31, 2025 | | — | | | — | | | — | | 138,845 | | | | | | | | | | | | Balance as of December 31, 2025 | | 961,155 | | $ | 4.95 | | $ | 4,757,731 | | 138,845 |
For the year ended December 31, 2025, the Company repurchased 32,225 shares for $188,908, for an average price of $5.86. The following table lists the repurchase of Company shares for the year ended December 31, 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 | | | | | | | | | | | | July 1 - 31, 2024 | | 75,326 | | | 4.87 | | | 367,144 | | 155,272 | August 1 - 31, 2024 | | 51,353 | | | 4.98 | | | 255,633 | | 103,919 | September 1 - 30, 2024 | | 20,516 | | | 5.15 | | | 105,733 | | 83,403 | | | | | | | | | | | | Balance as of September 30, 2024 | | 916,597 | | $ | 4.91 | | $ | 4,504,044 | | 83,403 | | | | | | | | | | | | October 1 - 31, 2024 | | 11,787 | | | 5.25 | | | 61,905 | | 71,616 | November 1 - 30, 2024 | | 546 | | | 5.26 | | | 2,874 | | 71,070 | December 1 - 31, 2024 | | — | | | — | | | — | | 71,070 | | | | | | | | | | | | Balance as of December 31, 2024 | | 928,930 | | $ | 4.92 | | $ | 4,568,823 | | 71,070 |
For the year ended December 31, 2024, the Company repurchased 512,957 shares for $2,413,774, for an average price of $4.71.
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