v3.26.1
Common and Preferred Stock
 6 Months Ended
Jun. 30, 2026
Common and Preferred Stock [Abstract]  
Common and Preferred Stock
15. Common and Preferred Stock

 

Common Stock

 

Changes in the number of common stock shares outstanding were as follows:

 

    Six Months Ended June 30,  
    2026     2025  
Shares outstanding, beginning of period     20,554,144       20,673,268  
Treasury shares repurchased through stock repurchase authorization     (169,757 )     —  
Issuance of treasury shares for vesting of restricted stock units     47,432       40,090  
Shares outstanding, end of period     20,431,819       20,713,358  

 

The changes in the number of common shares outstanding excludes certain non-forfeitable stock award shares that are included in the weighted average common shares outstanding used in basic earnings per common share calculations.

 

On August 25, 2025, our Board of Directors approved an authorization for the repurchase of up to approximately $5,000 of the Company’s outstanding common stock in addition to the $2,052 remaining from the May 9, 2022 authorization. During the six months ended June 30, 2025, we did not repurchase any shares of our common stock. During the year ended December 31, 2025, we completed the repurchase of 188,185 shares of our common stock for $2,517, including the effects from applicable excise taxes under these authorizations. As of December 31, 2025, these share repurchases closed out the May 9, 2022 authorization, and $4,549 remained available under the August 25, 2025 authorization. During the six months ended June 30, 2026, we completed the repurchase of 169,757 shares of our common stock for $2,306, including the effects from applicable excise taxes under these authorizations. At June 30, 2026, $2,260 remains available under this authorization.

 

The cost of this treasury stock is a reduction of shareholders’ equity within our Consolidated Balance Sheets.

 

Preferred Stock

 

The Company’s Articles of Incorporation provide authority to issue up to five million shares of preferred stock. No preferred shares are issued or outstanding.