STOCK TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Equity [Abstract] | |
| STOCK TRANSACTIONS | STOCK TRANSACTIONS The Company’s stock repurchase programs authorize the repurchase of shares in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, the Company’s liquidity, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. Repurchased shares will be held as treasury stock and will be available for general corporate purposes. The repurchases may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period. On February 21, 2024, the Company adopted its fourth program to repurchase up to 1,203,545 shares, or 5%, of its publicly held shares of common stock. The fourth plan commenced immediately upon completion of the third repurchase plan. On November 8, 2024, the Company adopted its fifth program to repurchase up to 1,139,420 shares, or 5%, of its outstanding common stock. The fifth plan commenced immediately upon completion of the fourth repurchase plan. On June 18, 2025, the Company adopted a program to repurchase up to 1,082,533 shares, or 5% of its outstanding common stock commencing upon the completion of the Company’s fifth stock repurchase program. During the year ended December 31, 2024, the Company repurchased 1,945,241 shares of its common stock outstanding at an average price of $9.90 for a total of $19.3 million pursuant to the stock repurchase program. During the year ended December 31, 2025, the Company completed the purchase of 1,207,864 shares authorized in the plans for an average price of $9.39 per share for a total cost of $11.3 million. An additional 500,000 shares were repurchased in the third quarter of 2025, as part of a private transaction executed at a slight discount to the market price at the time. At December 31, 2025, 735,741 shares remain available to repurchase in the sixth plan. For the year ended December 31, 2025 and 2024, shares repurchased include 30,132 and 24,301, respectively, shares purchased in connection with the vesting of shares of restricted stock under our 2022 Equity Incentive Plan for the withholding of shares to pay income taxes. These shares are repurchased pursuant to the terms of the 2022 Equity Incentive Plan and therefore are not part of the Company’s repurchase program.
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