Note 18. Common equity At June 30, 2026 the authorized stock of the Company consisted of 75,000,000 shares of common stock without par value. Changes in outstanding common shares are summarized as follows: | | | | | Shares | | | Outstanding | Balance as of December 31, 2025 | | 20,318,370 | Treasury stock purchases | | — | Common stock issued (including stock-based compensation impact) (1) | | 5,178,416 | Balance as of June 30, 2026 | | 25,496,786 | | | | | | Shares | | | Outstanding | Balance as of December 31, 2024 | | 20,416,908 | Treasury stock purchases | | (304,136) | Common stock issued (including stock-based compensation impact) | | 187,205 | Balance as of June 30, 2025 | | 20,299,977 |
| (1) | On May 21, 2026, the Company completed a common stock offering which resulted in 5,000,000 shares of common stock being issued at a price of $20.00. Proceeds net of underwriting fees and other direct costs from the common stock offering were used to reduce the outstanding balance owed on the Company’s revolving credit facility. |
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