Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic income per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted income per share assumes the issuance of potentially dilutive shares of common stock during the period. The following table reconciles the numerators and denominators of the basic and diluted loss per share computations:
  Three Months Ended September 30, Nine Months Ended September 30,
Numerator (in thousands):
2025 2024 2025 2024
Net income $ 2,259 $ 1,807 $ 4,591 $ 1,412
Denominator:
Weighted average common shares outstanding:
Basic 20,413,636 21,290,512 20,779,268 21,271,858
Dilutive effect of common stock equivalents 532,971 361,945 386,519 435,977
Diluted 20,946,607 21,652,457 21,165,787 21,707,835
Net income per share:
Basic $ 0.11 $ 0.08 $ 0.22 $ 0.07
Diluted $ 0.11 $ 0.08 $ 0.22 $ 0.07
For the three months ended September 30, 2025 and 2024, respectively, 1,551,232 and 2,220,823 of outstanding options and unvested restricted stock units with an exercise price above the current market value of the Company's common stock that were not included in the calculation because they would have an anti-dilutive effect. For the nine months ended September 30, 2025, and 2024 there were 2,175,388 and 1,877,878 of outstanding options and unvested restricted stock units with an exercise price above the market value for the Company’s common stock that were not included in the calculation because they would have an anti-dilutive effect.
Share Repurchase Program
On May 16, 2024, our Board of Directors approved a stock repurchase program (the “Share Repurchase Program”) that authorizes the Company to repurchase up to $20.0 million of the Company’s outstanding common stock through June 30, 2026. The Share Repurchase Program superseded the previous authorization, which expired on June 30, 2024. Repurchases under the Share Repurchase Program are subject to market conditions, the periodic capital needs of the Company’s operating activities, and the continued satisfaction of all covenants under the 2021 Credit Agreement, as amended. Repurchases under the Share Repurchase Program may take place in the open market or in privately negotiated transactions and may be made under a Rule 10b5-1 plan. The Share Repurchase Program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time at the discretion of the Board. As of September 30, 2025, the Company had repurchased and retired approximately $9.7 million, or 1,360,482 shares, of the Company's outstanding common stock under the Share Repurchase Program.