Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity
9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Repurchase Program
On December 20, 2022, the Board of Directors re-authorized the Company's share repurchase program. The previous share repurchase program had a term of 24 months and was set to expire on February 17, 2023. The share repurchase program allows for repurchase of up to 790,383 shares of the Company's outstanding common stock and extends to February 17, 2025. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized, but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of September 30, 2023, the Company has 584,024 shares of its share repurchase authorization remaining.
Shares repurchased for the three and nine months ended September 30, 2023 and 2022 were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Number of shares repurchased 44,799  30,200  95,955  30,200 
Average price per share $ 8.87  $ 16.29  $ 9.38  $ 16.59 
Total cost of shares repurchased1
$ 398,861  $ 492,741  $ 903,012  $ 492,741 
1Includes broker commissions paid as part of repurchase transactions