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Note 9 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Equity [Text Block]

9.

Stockholders’ Equity

 

Basic earnings per share of common stock are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands):

 

  

Three Months

  

Six Months

 
  

Ended

  

Ended

 
  

June 30,

  

June 30,

  

June 30,

  

June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Weighted average shares outstanding for basic calculation

  5,047   2,517   5,077   2,665 

Add: Effect of dilutive stock awards

  -   -   -   - 
                 

Weighted average shares outstanding, adjusted for diluted calculation

  5,047   2,517   5,077   2,665 

 

For the three and six-month periods ended June 30, 2026 and 2025, there were no stock options or restricted stock awards outstanding. 

 

In May 2024, the Company’s board of directors (the “Board”) authorized the repurchase of up to $1.5 million of shares of the Company’s common stock (the "2024 Repurchase Program"). The authorization did not obligate the Company to acquire a specific number of shares during any period and did not have an expiration date. Repurchases under the 2024 Repurchase Program could be made from time to time in the open market, or through privately negotiated transactions or otherwise, in such quantities, at such prices, in such manner and on such terms and conditions as the authorized officers of the Company determined were in the best interests of the Company. Repurchases also could be made under a plan adopted pursuant to Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

In December 2025, the Board authorized a new share repurchase program pursuant to which the Company may repurchase up to $1.5 million of its outstanding common stock (the “2025 Repurchase Program”), which replaced the 2024 Repurchase Program. The authorization does not obligate the Company to acquire a specific number of shares during any period and does not have an expiration date. Repurchases under the 2025 Repurchase Program may be made from time to time in the open market, or through privately negotiated transactions or otherwise, in such quantities, at such prices, in such manner and on such terms and conditions as the authorized officers of the Company determine are in the best interests of the Company. Repurchases may also be made under a plan adopted pursuant to Rule 10b5-1 promulgated under the Exchange Act.

 

During the three months ended June 30, 2026, the Company did not repurchase any shares of its common stock. During the six months ended June 30, 2026, the Company repurchased and retired 60,240 shares of common stock, at a weighted average price per share of $4.75 under the 2025 Repurchase Program. The total cost of shares repurchased, inclusive of fees and commissions, during the six months ended June 30, 2026 was approximately $0.3 million, or $4.75 per share.  

 

During the three and six months ended  June 30, 2025, the Company repurchased and retired 491,626 shares of common stock, at a weighted average price per share of $7.80, 402,322 shares of which were repurchased outside of, and as an exception to, the 2024 Repurchase Program. The total cost of shares repurchased, inclusive of fees and commissions, during the three and six months ended  June 30, 2025 was $3.8 million or $7.80 per share.  

 

During the three and six months ended June 30, 2026 and 2025, the Company did not declare or pay any dividends to its holders of common stock.

 

In addition to common stock, authorized capital includes 1,000,000 shares of Blank Check Preferred Stock. None were outstanding during the six months ended June 30, 2026 and the year ended December 31, 2025. The Board is authorized to issue such stock in series and to fix the designation, powers, preferences, rights, limitations and restrictions with respect to any series of such shares. Such Blank Check Preferred Stock  may rank prior to common stock as to dividend rights, liquidation preferences or both,  may have full or limited voting rights and  may be convertible into shares of common stock.

 

Effective September 2, 2025, the Company amended its Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”) to reduce the number of authorized shares to 8,000,000 shares which are divided into two classes as follows: (a) 7,000,000 shares of common stock, $0.02 par value per share; and (b) 1,000,000 shares of Blank Check Preferred Stock, $0.01 par value per share (the “Amendment”). The Certificate of Incorporation previously provided that the number of authorized shares was 36,000,000 shares which were divided into two classes as follows: (a) 35,000,000 shares of common stock, $0.02 par value per share; and (b) 1,000,000 shares of Blank Check Preferred Stock, $0.01 par value per share. No issued shares of the Company are impacted by the Amendment; the Amendment only reduces the Company’s authorized but unissued shares.